In the matter of Mr. S. Radha Krishna, Insolvency Professional

Last updated: 13 November 2020

Court :
IBBI

Brief :
This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/23 dated 28th August, 2020 issued to Mr. S. Radha Krishna, A 501, Akbar Towers, VSR Enclave,Anandbagh Malakjgiri, Hyderabad, Telangana - 500047, who is a Professional Member of the ICSI Institute of Insolvency Professionals (IPA) and an IP registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-002/IP-N0O724/2018-2019/ 12206

Citation :
No. IBBI/DC/39/2020

INSOLVENCY AND BANKRUPTCY BOARD OF
INDIA

(Disciplinary Committee)

No. IBBI/DC/39/2020
6th November, 2020

Order

In the matter of Mr. S. Radha Krishna, Insolvency Professioual (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016.

This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/MON/2020/23 dated 28th August, 2020 issued to Mr. S. Radha Krishna, A 501, Akbar Towers, VSR Enclave,Anandbagh Malakjgiri, Hyderabad, Telangana - 500047, who is a Professional Member of the ICSI Institute of Insolvency Professionals (IPA) and an IP registered with the Insolvency and Bankruptcy Board of India (IBBI) with Registration No. IBBI/IPA-002/IP-N0O724/2018-2019/ 12206.

1.1 The IBBI had issued the SCN to Mr. S. Radha Krishna on 28th August, 2020 for accepting the assignment as Liquidator in Voluntary Liquidation process of S.V.C. Estates Private Limited after 31st December, 2019 without holding a valid Authorisation for Assignment (AFA) issued to him by his IPA.

12 Mr. Radha Krishna submitted reply dated 4"? September, 2020 to the SCN. The IBBI referred the SCN, response of Mr. Radha Krishna to the SCN and other material available on record to the Disciplinary Committee (DC) for disposal of the SCN in accordance with the Code and Regulations made thereunder. The IP availed an opportunity of personal e-hearing before the DC on 10th September, 2020.

Show Cause Notice

2 The SCN issued by IBBI alleged contraventions of sections 208(2)(a) and 208(2)(e) of the Insolvency and Bankruptcy Code, 2016 (Code), regulations 7(2)(a), 7(2)(h) and 7A of the IBBI (Insolvency Professionals) Regulations, 2016 (IP Regulations) read with clauses 1, 2, 11, 12 and 14 of the Code of Conduct contained in the First Schedule of the IP Regulations for accepting the assignment of the liquidator in Liquidation process of S.V.C. Estates Private Limited after 31st December 2019 for which public announcement was made on 17th February, 2020 without holding a valid AFA from the IPA;

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