Acting tough on an erring insolvency professional (IP), the Insolvency and Bankruptcy Board of India (IBBI) has cancelled the IP registration of Bhavna Sanjay Ruia, declaring her as not fit and proper to continue as an IP.
The IBBI has also debarred Ruia from seeking fresh registration as an IP or providing any service under Insolvency and Bankruptcy Code (IBC) for 10 years.
This move comes after IBBIs Disciplinary Committee (DC) concluded that Ruia, who is enrolled as a professional member of ICSI Institute of Insolvency Professionals, had devised a conspiracy with her husband and seriously compromised her independence, impartiality and integrity.
She consented to take up 15 assignments simultaneously, much beyond her capacity, putting th…
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