Summary
- The Insolvency and Bankruptcy Board of India has suspended insolvency professional Sanjay Bulakichand Borad for one year due to unauthorized fees during Golden Tobacco Limited's CIRP.
- Borad charged ₹5 lakh monthly despite a minimum fee of ₹3 lakh mandated under Regulation 34B(2), claiming prior approval from the CoC, which was not substantiated.
- The Disciplinary Committee found violations of Section 208(2)(a) and (e) and directed repayment of excess fees within 60 days.
- This suspension underscores the critical need for adherence to regulatory fee structures in insolvency proceedings, impacting future professional conduct in the sector.
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