The Insolvency and Bankruptcy Board of India (IBBI) has imposed a two-year suspension on Insolvency Professional Shri Anurag Jain after finding serious lapses in his conduct as Resolution Professional of Orient Tourism Pvt. Ltd.
The disciplinary action was passed through Order No. IBBI/DC/344/2026 dated 8 September 2026. IBBI’s official orders page confirms the disciplinary order against Shri Anurag Jain on that date.
What was the main issue?
The most serious allegation was that the Resolution Professional raised ₹1 crore as interim finance from Resolve Support Services Pvt. Ltd., a company in which he himself was a Director, without obtaining the specific prior approval of the Committee of Creditors (CoC) required under the Insolvency and Bankruptcy Code.
Under Section 25(2)(c) of the IBC, an RP may raise interim finance only subject to the approval requirements under Section 28. More specifically, Section 28(1)(a) provides that the RP cannot raise interim finance without prior CoC approval.
IBBI found that the CoC had earlier discussed the possibility of exploring interim finance and had indicated an interest ceiling, but this was not treated as approval of the actual ₹1 crore borrowing eventually undertaken. The approval relied upon did not specifically identify the lender, the exact amount or the material terms of the facility.
Why the related-party angle became serious
The interim-finance provider, Resolve Support Services Pvt. Ltd., was not an unrelated third party. According to the disciplinary findings, Anurag Jain himself was a director in that company.
That substantially heightened the professional-governance concerns because an RP is expected to act independently, objectively and transparently throughout the CIRP.
IBBI also found that a significant portion of the funds drawn was used towards:
- the RP’s own professional fees; and
- fees of a legal professional who was also connected with the interim-finance provider.
The relevant CIRP costs had not been properly placed before the CoC for ratification in the manner required under the CIRP Regulations. CA Sansaar