Ram is appointed as Interim Resolution Professional of CoCo Ltd. During the first meeting of the Committee of Creditors, he has stated that being a person from engineering background he cannot ensure compliances under al

Section 17(2)(e) of the Insolvency & Bankruptcy Code mandates the Insolvency Resolution Professional (IRP) / Resolution Professional (RP) to comply with the requirements under any law for the time being in force on behalf of the Corporate Debtor (CD). Any non-compliance has a cost to the CD and its stakeholders and attracts penal consequences. For example, a listed company has several continuing obligations under the securities laws. Failure to discharge these obligations compromises the interests of investors in securities. This amounts to contravention not only of securities laws, but also of the provisions of the Code. The IRP/RP is responsible for the non-compliance of the provisions of the applicable laws if it is on account of his conduct. There are, however, instances where an IRP/RP failed to comply with requirements of various laws. This reflects lack of competence and professionalism of the IP, compromises the interests of stakeholders, and burdens the CD with the liabilities for failure of the IP to make compliances. Therefore, the statement made by Ram is not in accordance with the Code.