IBBI Penalises Insolvency Professional for Failing to Protect Corporate Debtor’s Assets During CIRP

The IBBI has penalized an Insolvency Professional (IP) for "failing to protect a corporate debtor's assets during CIRP." The IBBI found that the IP had not taken adequate steps to preserve the value of the assets, which is a fundamental duty of an IP. The action underscores the strict accountability of IPs and the need for them to discharge their duties with diligence and integrity.