The Insolvency and Bankruptcy Board of India has penalised the interim resolution professional of Electrosteel Steels Ltd., Dhaivat Anjaria, for neglecting the claims of an operational creditor of the company.
IBBI has directed Anjaria to deposit one tenth of his total fee as resolution professional in the corporate insolvency resolution process of Electrosteel Steels within a month for utterly disregarding his statutory duty.
I, therefore, in exercise of the powers conferred under Section 220 (2) of the Code… hereby, impose a monetary penalty equal to one tenth of the total fee payable to him as IRP and RP in the CIRP of Electrosteel Steels Ltd., Mukulita Vijayawargiya, disciplinary committee and whole time member said in the orde…
Read the full article at: https://www.bloombergquint.com/insolvency/2018/04/16/electrosteel-resolution-professional-penalised-for-neglecting-claims