Failure to Issue Fresh Form G for substantial assets or a new line of business Discovered: IBBI Suspends authorisation of RP

The IBBI (Insolvency and Bankruptcy Board of India) has suspended a Resolution Professional (RP) for "failure to issue a fresh Form G for substantial assets or a new line of business discovered during the CIRP." The IBBI ruled that the RP’s inaction violated the principles of transparency and fairness under the Insolvency and Bankruptcy Code (IBC). The suspension highlights the strict accountability of RPs and the need for them to properly disclose all assets and business opportunities to the Committee of Creditors (CoC) to maximize value.