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CS Professional · Corporate Restructuring, Valuation and Insolvency · Role, Functions and Duties of IP, IRP and RP

Mr. Arvind Nair, an insolvency professional and member of an agency, completes a proceeding before the Adjudicating Authority. To comply with the code of conduct in section 208(2), to whom must he submit a copy of the records of that proceeding?

He must submit a copy of the records of every proceeding before the Adjudicating Authority to both the Board and the insolvency professional agency of which he is a member. Giving it to only one of them does not satisfy the code of conduct.

  1. AOnly the Board
  2. BBoth the Board and the insolvency professional agency of which he is a memberCorrect
  3. COnly the insolvency professional agency of which he is a member
  4. DThe Adjudicating Authority and the committee of creditors

Explanation

Section 208(2)(d) requires submission of a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the agency of which he is a member. Giving it to only one of them is incomplete, and the Adjudicating Authority already holds the proceeding.

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