Sun Finserve Ltd., a financial-cum-operational creditor to a corporate debtor is aggrieved by the action of the resolution professional. Suggest the measures available to the company under the Insolvency and Bankruptcy C

CS Professional · Corporate Restructuring, Insolvency, Liquidation & Winding-up · PYQS · December 2019
Sun Finserve Ltd., a financial-cum-operational creditor to a corporate debtor is aggrieved by the action of the resolution professional. Suggest the measures available to the company under the Insolvency and Bankruptcy Code, 2016.

Answer & Explanation:

Section 217 of the Insolvency and Bankruptcy Code, 2016 deals with complaints against insolvency professional agency or its member or information utility. It states that, "Any person aggrieved by the functioning of an insolvency professional agency or insolvency professional or an information utility may file a complaint to the Board in such form, within such time and in such manner as may be specified." Further, Model Bye Laws of Insolvency Professional Agencies also have Grievance Redressal Mechanism for redressing grievances against the agency or any member of the agency.

Topics: Insolvency and Bankruptcy Code (IBC)

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