Newsletter/Booklets 7th Sep 2018

IBC | Legislative Alert | Confidentiality obligations of insolvency professionals | Designated website for publishing forms

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The Insolvency and Bankruptcy Board of India (“IBBI”) has reiterated the confidentiality obligations of the insolvency professionals vide its circular No. IP(CIRP)/007/2018, dated 23 February 2018 (available here), and has in another circular No. IP(CIRP)/006/2018, dated 23 February 2018 (available here), notified as the designated website for publishing forms under the Code and the regulations therein, and has also provided the manner and the email addresses for sending such forms.

  • Echoing confidentiality obligations, the IBBI has stated that :
    • Disclosure of information, except as provided for in the Insolvency and Bankruptcy Code, 2016 (“Code”) or rules, regulations or circulars issued thereunder, are confidential. It has also stated that any unauthorised access to or leakage of such information has the potential to impact the processes under the Code;
    • an Insolvency Professional, whether acting as interim resolution professional, resolution professional or liquidator, shall (i) keep every information confidential; and (ii) shall not disclose or provide access to information to unauthorised persons;
    • Failure to ensure confidentiality will attract action under the provisions of the Code and the regulations made thereunder.

    Further, IBBI has also imposed obligations on the interim resolution professional, the resolution professional or the liquidator, to ensure that the forms mailed are complete and accurate, and comply with the provisions of the Code and the regulations made thereunder, and if that is not the case, they shall be liable for consequences for deficiencies in the forms.

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