The Insolvency and Bankruptcy Board of India (IBBI) recently suspended an Insolvency Resolution Professional (RP) for a period of one year, noting that they had been found negligent in liquidation, which led to an unjustified delay in conducting the process.
The disciplinary proceeding, initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) stem from the Corporate Insolvency Resolution Process (CIRP) of Ila metals which was initiated by Somani Multibiz Private Limited – who was an operational creditor.
The present order pertained to the conduct of Shivkumar Madanlal Baser, a member of the Indian Institute of Insolvency Professionals of ICAI (IIIP-ICAI), who was appointed as the…