Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC

Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR print

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Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator.

He can be incapacitated only in two ways:

(a) physically: he suffers from health problems rendering him unable run the process, to the satisfaction of the Adjudicating Authority, and
(b) legally: he becomes ineligible under the law.

In either case, the approval of the Adjudicating Authority may be necessary. If an IP seeks discharge from process on any other ground, he may be debarred from taking any fresh assignment for a period of five years.

It has been the endeavour of the Board to engage with the stakeholders through public consultation. Accordingly, comments and suggestions are invited at pmonitoring@ibbi.gov.in by 15th July, 2018

Category : Insolvent Professional | Comments : 0 | Hits : 749

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