IBBI Imposes Penalty on IP for his Negligence to Take Ordinary Due Care and Caution in Selling Asset Corporate Debtor [Read Order]

IBBI - Penalty - IP - Negligence - Ordinary Due Care and Caution - Caution - Selling Asset Corporate Debtor - Corporate Debtor - IBBI Imposes Penalty - taxscan

The Insolvency and Bankruptcy Board of India (IBBI) imposed a penalty on Insolvency Professional for his negligence of ordinary due care and caution in selling assets corporate debtor Mr Sai Ramesh Kanuparthi, Insolvency Professional (IP) submitted contraventions before the IBBI. The National Company Law Tribunal, Hyderabad, (AA) had admitted the application under section 7 of…

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