Super Agri Seeds Private Limited
IA (IBC) 18/2021 & IA 506 & 568 of 2019
Facts:
(1) Application IA (IBC) 18/2021 & IA 506 & 568 of 2019 Came up for hearing before the bench the liquidator an advocate by profession appeared in advocate dress.
(2) The bench posed a question before the liquidator whether the advocates act prohibit a person from pursuing two professions simultaneously one as a advocate and another as something else.
Issue: Whether advocate can practice two profession at the same time?
Arguments:
Dr.Srinivas clarified that IBBI regulations states that an advocate with 10 years of standing experience is eligible to appear for the examination conducted by the IBBI to become the Resolution professional.
Decision: Advocate cannot practice two profession at the same time.
Rationale:
(1) Bench noted that IBBI regulations are subordinate regulation wherein these kind of rule and regulations are framed.
(2) There is no eligibility on the part of a person to practice two profession at the same time i.e. as a advocate and CA, CS, CMA and also as an insolvency professional.
(3) Advocate act is extremely clear and it does not allow practicing of two profession at the same time other than advocacy. This seems to be rule position for many profession like CA, CS, CMA, advocates.
(3) Bench asked for the view of the member of NCLT bar, Hyderabad chapter of ICSI, ICAI, ICWAI until then advocate can practice in his capacity as a liquidator and RP and advocate as well.
