The Insolvency and Bankruptcy Board of India’s Disciplinary Committee has ordered a six‑monthsuspension of the Authorisation for Assignment (AFA) of an insolvency professional, after finding that he accepted and acted on the Corporate Insolvency Resolution Process (CIRP) of a company without holding a valid authorisation.
The matter arises from the CIRP of Suich Industries Limited, initiated by the NCLT, New Delhi Bench, on 19 November 2024. Bhim Sain Goyal was appointed as Interim Resolution Professional (IRP). At that time, his AFA had already expired on 8 November 2024. Despite the tribunal’s direction to file a valid AFA within five days, he went ahead and issued a public announcement on 22 November 2024 that…