Corporate LawsLaw Report
IBBI suspended the RP for withdrawing ₹5 lakh monthly without prior CoC approval, violating Regulation 34B(2) and professional conduct requirements.
The Disciplinary Committee of Insolvency and Bankruptcy Board of India (IBBI) has suspended the Insolvency Professional (IP) from practicing for a period of one year for charging a higher monthly fee without getting an approval of the Committee of Creditors (CoC), ordering him to deposit the surplus amount in the account of Corporate Debtor within a period of 60 days.
The…