Section 93: Standard of Conduct under the Insolvency and Bankruptcy Code, 2016

Section 93 concludes Chapter II on the fresh start process under Part III of the Insolvency and Bankruptcy Code, 2016. It requires the resolution professional to perform the functions and duties assigned under the Code in compliance with the code of conduct referred to in Section 208.

Section 93 - Statutory Provision

Meaning and Scope of Section 93

Section 93 links the conduct of a resolution professional acting in the fresh start process with the professional standards applicable under Section 208. The obligation applies while the resolution professional performs statutory functions and duties under the Code.

Section 208 - Functions and Obligations of Insolvency Professionals

Section 208 deals with the functions and obligations of insolvency professionals. Among other statutory requirements, an insolvency professional must abide by the code of conduct specified for insolvency professionals and comply with the applicable requirements of the Code, rules and regulations.

Role of the Resolution Professional in the Fresh Start Process

The resolution professional performs important functions throughout Chapter II, including examination of the fresh start application, consideration of creditor objections, preparation of relevant debt lists, seeking directions from the Adjudicating Authority where necessary and preparing the final list of qualifying debts for the discharge process. Section 93 subjects the performance of those functions to the applicable professional code of conduct.

Meaning of Important Terms

Resolution professional: Section 79 defines the resolution professional for Part III as an insolvency professional appointed under that Part for conducting the fresh start process or insolvency resolution process.

Insolvency professional: The Code uses this expression for a person enrolled with an insolvency professional agency as its member and registered with the Insolvency and Bankruptcy Board of India as an insolvency professional.

Code of conduct: The professional conduct requirements applicable to insolvency professionals under the Code and the regulations made within the statutory framework administered by the Insolvency and Bankruptcy Board of India.

Board: The Board is the Insolvency and Bankruptcy Board of India established under Section 188 of the Code.

Related Provisions

• Section 82 - Appointment of resolution professional
• Section 83 - Examination of application by resolution professional
• Section 89 - Replacement of resolution professional
• Section 90 - Directions for compliance
• Section 92 - Discharge order

For application to a particular proceeding, check the official text of the Code, applicable amendments, commencement notifications, rules and regulations.