Code Of Conduct

The Code of Conduct of Sun Resolution Professionals Pvt Ltd is as under:-

Integrity and objectivity

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will maintain integrity by being honest, straightforward, and forthright in all professional relationships.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not misrepresent any facts or situations and will refrain from being involved in any action that would bring disrepute to the profession.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will act with objectivity in his professional dealings by ensuring that his decisions are made without the presence of any bias, conflict of interest, coercion, or undue influence of any party, whether directly connected to the insolvency proceedings or not.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, being appointed as an interim resolution professional, resolution professional, liquidator, or bankruptcy trustee will not himself acquire, directly or indirectly, any of the assets of the debtor, nor knowingly permit any relative to do so.

Independence and impartiality

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will maintain complete independence in his professional relationships and will conduct the insolvency resolution, liquidation or bankruptcy process, as the case may be, independent of external influences.
• In cases where the The directors / partners / Insolvency Professionals / Empanelled Professionals, will be dealing with assets of a debtor during liquidation or bankruptcy process, they will ensure that neither them nor their relatives do not knowingly acquire any such assets, whether directly or indirectly unless it is shown that there was no impairment of objectivity, independence or impartiality in the liquidation or bankruptcy process and the approval of the Board has been obtained in the matter.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not take up an assignment under the Code if they, any of their relatives, are not independent, in terms of the Regulations related to the processes under the Insolvency and Bankruptcy Code, 2016, in relation to the corporate person/ debtor and its related parties.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will disclose the existence of any pecuniary or personal relationship with any of the stakeholders entitled to distribution under sections 53 or 178 of the Insolvency and Bankruptcy Code, 2016, and the concerned corporate person/ debtor as soon as they becomes aware of it, by making a declaration of the same to the applicant, committee of creditors, and the person proposing appointment, as applicable.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not influence the decision or the work of the committee of creditors or debtor, or other stakeholders under the Insolvency and Bankruptcy Code, 2016, so as to make any undue or unlawful gains for them or their related parties, or cause any undue preference for any other persons for undue or unlawful gains and will not adopt any illegal or improper means to achieve any mala fide objectives.

Professional competence

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will maintain and upgrade their professional knowledge and skills to render competent professional service.
• Representation of correct facts and correcting misapprehensions.
  The directors / partners / Insolvency Professionals / Empanelled Professionals, will inform such persons under the Insolvency and Bankruptcy Code, 2016 as may be required, of a misapprehension or wrongful consideration of a fact of which they becomes aware, as soon as may be practicable.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not conceal any material information or knowingly make a misleading statement to the Board, the Adjudicating Authority or any stakeholder, as applicable.

Timeliness

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will adhere to the time limits prescribed in the Insolvency and Bankruptcy Code, 2016 and the rules, regulations and guidelines thereunder for insolvency resolution, liquidation or bankruptcy process, as the case may be, and may carefully plan their actions, and promptly communicate with all stakeholders involved for the timely discharge of their duties.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not act with mala fide or be negligent while performing their functions and duties under the Insolvency and Bankruptcy Code, 2016.

Information management

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will make efforts to ensure that all communication to the stakeholders, whether in the form of notices, reports, updates, directions, or clarifications, is made well in advance and in a manner which is simple, clear, and easily understood by the recipients.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will ensure to maintain written contemporaneous records for any decision taken, the reasons for taking the decision, and the information and evidence in support of such decision. This shall be maintained so as to sufficiently enable a reasonable person to take a view on the appropriateness of their decisions and actions.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not make any private communication with any of the stakeholders unless required by the Insolvency and Bankruptcy Code, 2016, rules, regulations and guidelines thereunder, or orders of the Adjudicating Authority.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will appear, co-operate and be available for inspections and investigations carried out by the Board, any person authorised by the Board or the insolvency professional agency with which he is enrolled.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will provide all information and records as may be required by the Board or the insolvency professional agency with which he is enrolled.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will be available and provide information for any periodic study, research and audit conducted by the Board.

Confidentiality

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will ensure that confidentiality of the information relating to the insolvency resolution process, liquidation or bankruptcy process, as the case may be, is maintained at all times. However, this shall not prevent them from disclosing any information with the consent of the relevant parties or required by law.
• Occupation, employability and restrictions
  The directors / partners / Insolvency Professionals / Empanelled Professionals, will refrain from accepting too many assignments, if they are unlikely to be able to devote adequate time to each of their assignments.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not engage in any employment, except when they have temporarily surrendered their certificate of membership with the insolvency professional agency with which they are registered.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not engage in any employment, except when they have temporarily surrendered their certificate of membership with the insolvency professional agency with which they are registered.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not conduct business which in the opinion of the Board is inconsistent with the reputation of the profession.

Remuneration and costs

• The directors / partners / Insolvency Professionals / Empanelled Professionals, will provide services for remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent with the applicable regulations.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not accept any fees or charges other than those which are disclosed to and approved by the persons fixing their remuneration.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will disclose all costs towards the insolvency resolution process costs, liquidation costs, or costs of the bankruptcy process, as applicable, to all relevant stakeholders, and must endeavour to ensure that such costs are not unreasonable.

Gifts and hospitality

• The directors / partners / Insolvency Professionals / Empanelled Professionals, or their relatives will not accept gifts or hospitality which undermines or affects their independence as an insolvency professional.
• The directors / partners / Insolvency Professionals / Empanelled Professionals, will not offer gifts or hospitality or a financial or any other advantage to a public servant or any other person, intending to obtain or retain work for them, or to obtain or retain an advantage in the conduct of profession for them.