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CS Professional · Corporate Restructuring, Valuation and Insolvency · Cross Border Insolvency

Kaveri Exports Pvt Ltd, with assets in India and Singapore, is undergoing a corporate insolvency resolution process. The resolution professional, CS Anil, is a member of an insolvency professional agency. A Singapore liquidator asks him to share records of the Indian proceeding. Which obligation under the Code's code of conduct directly applies to how he must handle records of proceedings before the Adjudicating Authority?

He must submit a copy of the records of every proceeding before the Adjudicating Authority to the Board and to the insolvency professional agency of which he is a member. This code of conduct duty under section 208(2)(d) applies regardless of any request from a foreign liquidator.

  1. AHe must submit a copy of the records of every proceeding before the Adjudicating Authority to the Board and to his insolvency professional agencyCorrect
  2. BHe must submit the records only to the foreign liquidator
  3. CHe must destroy the records once the foreign liquidator has received them
  4. DHe must submit the records only to the Adjudicating Authority of Singapore

Explanation

Section 208(2)(d) requires an insolvency professional to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member. The other options invent obligations absent from the text.

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