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IBBI Suspends Resolution Professional for One Year over Negligence and Unjustified Delay in Liquidation Process [Read Order]

The Insolvency and Bankruptcy Board of India (IBBI) recently suspended an Insolvency Resolution Professional (RP) for a period of one year, noting that they had been found negligent in liquidation, which led to an unjustified delay in conducting the process. The disciplinary proceeding, initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC)…