IBBI bares regulatory teeth against 2 IPs for misconduct – The Hindu BusinessLine

Clipped from: https://www.thehindubusinessline.com/economy/ibbi-bares-regulatory-teeth-against-2-ips-for-misconduct/article33233791.ece

Both can’t take fresh assignments till exonerated of charges

In separate cases, insolvency regulator IBBI’ s Disciplinary Committee has come down heavily on two Insolvency Professionals (IPs) for alleged misconduct of taking bribe to facilitate suitable procedural changes in corporate insolvency resolution process (CIRP).

Following complaint made against Arun Mohan in the matter of CIRP of FR Tech Innovations, the Central Bureau of Investigation had arrested the IP. The IBBI had after careful examination of FIR decided to issue Show Cause Notice to Arun Mohan. Mohan had later filed a criminal writ petition before Delhi High Court against CBI praying that petitioner is not a public servant, and for quashing FIR. This matter is pending before Delhi High Court.

In the case of Sanjay Kumar Aggarwal, he was arrested for accepting illegal gratification of ₹5 lakh from a complainant. IBBI had issued Show Cause Notice on the basis of FIR filed with CBI for his role as IRP in the CIRP of Adi Ispat India Pvt Ltd. Aggarwal is also alleged to have demanded a one-time bribe of ₹20 lakh for obtaining favourable Forensic Audit/Valuation Report from his chosen forensic auditor/valuer.

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