NOIDA, April 1 -- The Insolvency and Bankruptcy Board of India (IBBI) has suspended insolvency professional Hitesh Goel for two years after its disciplinary committee found multiple lapses in the corporate insolvency resolution processes (CIRPs) of Supertech Ltd and Nobility Estates Pvt Ltd. In an order dated March 30, the committee held Goel guilty of nine contraventions of the Insolvency and Bankruptcy Code (IBC), 2016, and related regulations. These included failure to disclose material information in the information memorandum, delay in convening the first meeting of the Committee of Creditors (CoC), and inordinate delay in filing avoidance applications. "In view of the foregoing discussion and written submissions made by Hitesh Goel, the disciplinary committee finds that he had failed to perform his duties," the order said. The suspension will come into effect after 30 days from the date of issuance. The violations occurred during Goel's tenure as interim resolution professional (IRP) in two CIRPs - Supertech Ltd's Eco Village-2 project and Nobility Estates Pvt Ltd. In the Supertech case, the National Company Law Appellate Tribunal (NCLAT) had in June 2022 restricted the CIRP to the Eco Village-2 project while directing that other projects continue as ongoing ventures under Goel's supervision. According to the order, complaints were received regarding Goel's conduct in both the Eco Village-2 project and other Supertech projects. The committee noted that despite specific directions from the NCLAT to act in accordance with the IBC, Goel failed to comply with statutory requirements. Homebuyers also raised concerns over his functioning. One complainant alleged that after opening a separate account, the IRP became the sole signatory, removed the existing maintenance agency, and failed to make payments to vendors. The disciplinary committee concluded that Goel failed to discharge his duties with due diligence and transparency. Goel, however, said he would challenge the order. "IRP had provided detailed explanation and justifications to IBBI for each of the alleged procedural deficiencies," he said. He described the lapses as procedural and timeline-related, adding that the Supreme Court-approved framework for completing Supertech's pending housing units remains unaffected by the order....