section 220The Insolvency and Bankruptcy Board of India (IBBI) has suspended the registration of Insolvency Professional (IP) for a period of one year for multiple contraventions of the Insolvency and Bankruptcy Code, 2016 (Code), including the improper constitution of a Committee of Creditors (CoC) and other significant procedural lapses.
The disciplinary action stemmed from the IP’s role as the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of M/s. Vjaydeep Developers LLP. The primary allegation was that he improperly included Mr. Samir Shirish Dadia, a related party of the corporate debtor, in the CoC and allowed him to participate and vote. Evidence, including a Deed of Admission…