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CS Professional · Insolvency and Bankruptcy - Law and Practice · Bankruptcy for Individuals and Partnership Firms

Anand, an insolvency professional, is member of an insolvency professional agency. During an individual bankruptcy process he is asked by the agency to open his records for inspection. He refuses, saying only the Board may inspect, though he had already filed records of the proceedings before the Adjudicating Authority with the agency and the Board. Which view is correct under the Code?

Anand is wrong. Section 208(2)(c) obliges every insolvency professional to allow the insolvency professional agency of which he is a member to inspect his records. Filing copies of proceedings with the Board and agency is a separate obligation and does not remove the duty to permit inspection.

  1. AAnand is correct, since only the Board may inspect records
  2. BAnand is correct because he has already submitted copies of records to the Board
  3. CAnand is wrong; the code of conduct requires him to allow the insolvency professional agency to inspect his recordsCorrect
  4. DAnand is wrong only if the Adjudicating Authority separately directs inspection

Explanation

Section 208(2)(c) requires every insolvency professional to allow the insolvency professional agency to inspect his records. Submitting copies under clause (d) to the Board and agency is a separate duty and does not replace inspection. No Adjudicating Authority direction is required.

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