IBBI disciplines insolvency professional for violating creditor meeting rules

This is a disciplinary order issued by the Insolvency and Bankruptcy Board of India (IBBI) on 20 August 2026, finding that an Insolvency Professional (Shri Deepak Kumar Goyal) violated regulations regarding the recording of creditor meetings and acting without prior instructions. It matters to citizens as it establishes the regulatory standards and consequences for professionals representing financial creditors (such as homebuyers) in corporate insolvency proceedings.

Who it concerns: Shri Deepak Kumar Goyal (Insolvency Professional/Authorised Representative), the Insolvency and Bankruptcy Board of India (IBBI), and the class of financial creditors (homebuyers) of M/s Revital Reality Private Limited.

What the Board found or ordered

• The Disciplinary Committee found that Shri Deepak Kumar Goyal contravened Regulation 16A(10) of the CIRP Regulations by failing to record proceedings and prepare minutes of meetings held with the class of creditors (homebuyers).
• The Committee rejected the argument that emails sent to the Resolution Professional (RP) constituted a valid record, stating that the obligation to maintain formal minutes is mandatory and independent of other communications.
• The Committee found that Shri Deepak Kumar Goyal contravened Section 25A(3) of the Insolvency and Bankruptcy Code, 2016, by concurring to an extension of the timeline for revised resolution plans without obtaining prior instructions from the creditors he represented.
• The Committee held that the mandate to act in accordance with prior instructions applies to all acts affecting the interests of the class of creditors, not just formal CoC voting resolutions.
• The order disposes of Show Cause Notice (SCN) No. COMP-11011/62/2026-IBBI-Part(1)/1951/706 dated 17.06.2026.

Also in the document

• Shri Deepak Kumar Goyal represented 91% of the Committee of Creditors (CoC) voting share in the case of M/s Revital Reality Private Limited.
• The Committee noted that the CIRP for M/s Revital Reality Private Limited commenced on 04.06.2024 under CP(IB)/657/2024.
• The Committee clarified that disciplinary proceedings are regulatory in character and the Board is entitled to examine all contraventions available on record, even if they go beyond the specific scope of a third-party complaint.