The Insolvency and Bankruptcy Board of India (IBBI) has imposed a monetary penalty on insolvency professional after finding that he failed to cooperate with an investigation initiated in connection with a Corporate Insolvency Resolution Process (CIRP). The Disciplinary Committee observed that non-cooperation with the Investigating Authority prevented timely examination of allegations relating to valuation and implementation of the resolution plan.
The proceedings arose from a complaint alleging undervaluation of the corporate debtor’s land and building assets during the CIRP of M/s Anush Finlease and Construction Private Limited. While one valuation estimated the liquidation value at approximately ₹98.89 crore, the…