Resolution pro suspended over ‘related-party deals’

The Insolvency and Bankruptcy Board of India (IBBI) on Monday suspended the registration of Savan Godiawala as a resolution professional for three years for alleged related party transactions.

Godiawala, resolution professional (RP) for Lanco Infratech Ltd NSE -0.87 %, allegedly made a “wrongful withdrawal” of fees and hired related parties without proper identification of the scope of work, the order said.