The Insolvency and Bankruptcy Board of India (IBBI) has imposed a financial penalty on insolvency professional Mr. Pankaj Ramandas Majithia for multiple lapses during his tenure as the Resolution Professional (RP) in the insolvency of Shree Ram Urban Infrastructure Pvt. Ltd. The action stems from his failure to safeguard the corporate debtor’s assets and his inability to ensure proper process in the auction of scrap material.
The case centers around a plot of land that had been under dispute between the corporate debtor and Kalpataru Properties Pvt. Ltd., based on a 2004 Memorandum of Understanding. Following multiple court orders, including those from the Supreme Court, the RP was eventually directed to hand over the…