Section 24(3) in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
(3)The Disciplinary Committee may pass an order for expulsion of a professional member if it has found that the professional member has committed-(a)an offence under any law for the time being in force, punishable with imprisonment for a term exceeding six months, or an offence involving moral turpitude;(b)a gross violation of the Code, rules, regulations and guidelines issued thereunder, bye-laws or directions given by the Governing Board which renders him not a fit and proper person to continue acting as an insolvency professional.Explanation. - The violations referred to in sub-clause (b) include -(i)making a false representation or indulging in fraud for the purpose of obtaining creditors' approval under sections 28, 31, 111 or 153 of the Code;(ii)contravening provisions of the Code in a manner which is actionable in accordance with sections 70(2) or 185 of the Code;(iii)knowingly or wilfully committing or authorizing or permitting contravention of sections 14, 96, 101 or 124 of the Code;(iv)contravening provisions of the Code inviting action in accordance with sections 71 or 187 of the Code;(v)aiding or abetting any activity which is actionable in accordance with Chapter VII of Part II or Chapter VII of Part III of the Code,(vi)providing unequal or differential treatment to the disadvantage of a party which cannot be justified with reference to the interests of the insolvency resolution, liquidation or bankruptcy process; or(vii)in any other case it deems fit.
