FA, 2020 amendment increasing...
Regulation 7A of IP regulations requires every Insolvency Professional (IP) to have ‘Authorization for Assignment’ (AFA) before undertaking any assignment after 31-12-2019.Without AFA, an IP is not eligible to do any tasks or conduct various processes. However, an IP over 70 years of age is ineligible to apply for AFA under Section 12A (2)(e) of Model Bye.
Also, section 208 casts an obligation to abide by code of conduct and comply with all requirements and terms and conditions specified in byelaws of insolvency professional agency of which he is a member.
However, since written consent being filed by IP with NCLT to act as Liquidator, prior to coming into effect of requirements of AFA, disciplinary committee did not find any lapse on part of IP, and show because notice was to be disposed without any direction against him.
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