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

Priya, an insolvency professional, is a member of an insolvency professional agency. The agency asks to inspect her records of a corporate insolvency resolution process she conducted. Priya refuses, saying records belong to the Adjudicating Authority. Under the code of conduct for insolvency professionals, what is the position?

Priya must allow the agency to inspect her records. The code of conduct for insolvency professionals expressly requires allowing the insolvency professional agency to inspect records, and this duty does not depend on a creditor complaint or on how the process ends.

  1. AShe may refuse, as only the Board may inspect records
  2. BShe must allow the agency to inspect her recordsCorrect
  3. CShe may refuse until the process ends in liquidation
  4. DShe must allow inspection only if a creditor complains

Explanation

The code of conduct requires every insolvency professional to allow the insolvency professional agency of which she is a member to inspect her records. It is not conditional on a complaint or on the outcome of the process.

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