IBBI suspends erring insolvency professional for two years

Insolvency regulator IBBI has suspended for two years the registration of Sanjay Kumar Ruia, an insolvency professional.

This follows the IBBI’s Disciplinary Committee concluding that Ruia, a professional member of the Indian Institute of Insolvency Professionals of ICAI, had contravened certain provisions of the Insolvency and Bankruptcy Code (IBC).

The Insolvency and Bankruptcy Board of India (IBBI) has also directed that Ruia should not seek or accept any process or assignment or render any services under the IBC during the period of suspension.

Ruia has also been directed to undergo the pre-registration educational course from his insolvency professional agency and work for atleast six months as an intern with a senior insolvency professional, at any time during the period of suspension, to improve his understanding of the IBC and regulations made under it.

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