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CS Professional · Corporate Restructuring, Valuation and Insolvency · Insolvency

Mr. Arvind Rao, a resolution professional in a corporate insolvency resolution process, is accused of acting contrary to the code of conduct. Under which section of the Code is the standard of conduct he must follow stated?

A resolution professional must perform his functions and duties in compliance with the code of conduct provided under section 208. Section 220 only deals with disciplinary action and penalties, while the creditors' committee and the Adjudicating Authority do not frame the conduct standard.

  1. ACode of conduct provided under section 208, which he must comply with while performing his functions and dutiesCorrect
  2. BCode of conduct framed by the Committee of Creditors for each process
  3. CCode of conduct provided under section 220, which governs only penalties
  4. DCode of conduct set by the Adjudicating Authority case by case

Explanation

The Code states that the resolution professional must perform his functions and duties in compliance with the code of conduct provided under section 208. Section 220 deals with the disciplinary committee and penalties, not the content of the conduct standard. The CoC and Adjudicating Authority do not frame it.

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