The IBBI Disciplinary Committee has issued an ex-parte interim order due to the urgency of the matter and suspended the registration of Mr Subrata Monindranath Maity as an Insolvency Professional.
Read the directions issued by IBBI, here: Interim Order
Background
The Central Bureau of Investigation had arrested Subrata Monindranath Maity regarding the demand for the undue advantage of Rs 20,00,000/-.
On perusal of the FIR against the Insolvency Professional, it was observed that the allegations were serious in nature leading to contravention of multiple provisions of the Code including Section 208(2)(a) of the Insolvency and Bankruptcy Code,2016 (the Code) read with regulations 7(2)(a), 7(2)(b), 7(2)(h) and 7(2)(i) of the IBBI (Insolvency Professionals) Regulations, 2016 and clauses 1, 2, 3, 5, 9, 12, 14, 17, 24 and 28 of the Code of Conduct specified thereunder.
The above-said raised serious questions about him being ‘fit and proper’ to continue as an IP.
His arrest is bound to hamper the ongoing processes being handled by him, and therefore would jeopardise the interest of concerned stakeholders.
Insolvency and Bankruptcy Code of India
[Notification No. IBBI/DC/95(Interim)/2022]
[Interm Order dt. 9-5-2022]