The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of Insolvency Professional (IP) Sachin Naveen Sinha for a period of three years after finding serious lapses in the conduct of the Corporate Insolvency Resolution Process (CIRP) of Virata Exports Private Limited.
The Disciplinary Committee (DC) of the IBBI comprising Ravi Mital (Chairperson) held that the insolvency professional’s failure to constitute the Committee of Creditors (CoC) take custody and control of the Corporate Debtor’s assets and adhere to the statutory timelines prescribed under the Insolvency and Bankruptcy Code, 2016 (IBC) amounted to gross professional misconduct.
The CIRP of Virata Exports Private Limited …