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

Mr. Sameer Joshi, a resolution professional, files an application before the Adjudicating Authority in a corporate insolvency process. Under the code of conduct in section 208(2), what must he do regarding 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, as required by the code of conduct in section 208(2).

  1. ASubmit a copy only to the committee of creditors
  2. BSubmit a copy to the Board and to his insolvency professional agencyCorrect
  3. CSubmit a copy only to the Central Government
  4. DRetain them until the Board specifically asks for them

Explanation

Section 208(2)(d) requires submitting 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. Sending only to creditors or waiting for a request does not satisfy this.

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