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CS Professional · Insolvency and Bankruptcy - Law and Practice · Introduction to Insolvency and Bankruptcy Code

Ms. Kavita, a member of an insolvency professional agency, is accused of misconduct. A consumer complains to the agency about her services. Under the Code's list of agency functions, which function is the agency performing when it handles this complaint?

The agency is redressing the grievances of consumers against insolvency professionals who are its members. Section 204(f) assigns this function to the agency. Registration, fee levy and minimum curriculum are functions of the Board under section 196, not of the agency.

  1. ARedressing the grievances of consumers against insolvency professionals who are its membersCorrect
  2. BLevying fee for registration and renewal of insolvency professionals
  3. CLaying down the minimum curriculum for the examination of insolvency professionals
  4. DRegistering insolvency professionals and cancelling their registration

Explanation

Section 204(f) lists redressal of the grievances of consumers against its member insolvency professionals as an agency function. Registration, fee levy and curriculum are Board functions under section 196, so the other options are wrong.

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