Section 218 of IBC : Section 218: Investigation Of Insolvency Professional Agency Or Its Member Or Information Utility
IBC
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Explanation using Example
Imagine a scenario where a group of creditors files a complaint with the Insolvency and Bankruptcy Board of India (IBBI) against an insolvency professional (IP). They allege that the IP has been favoring certain creditors over others in violation of the Insolvency and Bankruptcy Code (IBC), 2016. Upon receiving this complaint, the IBBI reviews the allegations and determines that there is reasonable ground to believe that the IP may have indeed breached the provisions of the IBC or the rules and regulations set by the IBBI.
The IBBI then issues a written order appointing an investigating authority to conduct a thorough inspection and investigation of the IP's conduct. This authority is given a s...
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