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

Rohan Mehta, an insolvency professional and member of an IPA, completed a hearing before the Adjudicating Authority in a liquidation matter of Narmada Steels Ltd. Which obligation under the Code's code of conduct applies to 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 Section 208(2)(d) provides. Sending it only to the Board or only to creditors is wrong.

  1. ASubmit a copy to the Board only, since the IPA has no role in records
  2. BSubmit a copy to the Adjudicating Authority again after one year
  3. CSubmit a copy to the Board as well as to the IPA of which he is a memberCorrect
  4. DSubmit a copy to the creditors of the corporate debtor only

Explanation

Section 208(2)(d) requires an insolvency professional to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the IPA of which he is a member. Submitting to the Board alone is incomplete, because the IPA must also receive the copy.

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