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

Ms. Tanvi Shah is a bankruptcy trustee in an individual bankruptcy matter and wishes to know the source of her standard of conduct. According to the Code, which is correct?

She must comply with the code of conduct provided under section 208. The Code's standard of conduct provision for bankruptcy trustees expressly requires this, just as it does for resolution professionals in individual insolvency processes.

  1. AShe must comply with the code of conduct under section 208Correct
  2. BShe is bound only by the order appointing her
  3. CShe is exempt from the code, which applies only to resolution professionals
  4. DShe must follow a code framed by the debtor's creditors

Explanation

Section 143 states that the bankruptcy trustee shall perform functions and duties in compliance with the code of conduct provided under section 208. Sections 93 and 120 give the same rule for resolution professionals. So she is not exempt.

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