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

Ms. Kavita Rao, an insolvency professional, is a member of an insolvency professional agency. Her agency asks to inspect her records of a resolution process she handled. She refuses, saying only the Board may inspect them. Under the code of conduct in the Code, what is the position?

She must allow inspection. The code of conduct for insolvency professionals requires them to allow the insolvency professional agency of which they are members to inspect their records, so her refusal on the ground that only the Board can inspect is a breach.

  1. AShe may refuse, as inspection of records is the Board's power alone
  2. BShe may refuse unless the Adjudicating Authority directs inspection
  3. CShe may refuse if the process has been completed
  4. DShe must allow the agency of which she is a member to inspect her recordsCorrect

Explanation

Section 208(2)(c) requires every insolvency professional to allow the insolvency professional agency to inspect his records. The refusal therefore breaches the code of conduct, and the claim that only the Board may inspect is wrong.

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