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CS Professional · Insolvency and Bankruptcy - Law and Practice · Professional and Ethical Practices for Insolvency Practitioners

An insolvency professional agency receives a complaint from a creditor alleging that a member, Rohit Bansal, breached the agency's standards of professional conduct while acting in a resolution process. Which function of the agency under the Code is most directly engaged in dealing with this complaint?

The agency's function of redressing grievances of consumers against insolvency professionals who are its members is engaged. Section 204 gives agencies this duty. Registration fees, curriculum regulations and registering information utilities are Board functions under section 196, so they do not apply to a member conduct complaint.

  1. ARedressing grievances of consumers against insolvency professionals who are its membersCorrect
  2. BLevying fee for registration of insolvency professionals
  3. CLaying down the minimum curriculum for the enrolment examination by regulation
  4. DRegistering information utilities and renewing their registration

Explanation

Section 204(f) requires the agency to redress grievances of consumers against its member insolvency professionals. Fee levy for registration, regulation-making on curriculum and registering information utilities are functions of the Board under section 196, not of the agency.

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