New Delhi, Sept. 9 -- India's bankruptcy regulator launched its biggest clean-up yet of the professionals who steer companies through insolvency resolution, cancelling the registrations of 207 insolvency professionals (IPs) in the June quarter for failing to remain "fit and proper", according to latest official data.

The crackdown is significant as these professionals wield major influence over companies undergoing a rescue process, their assets and creditors, and only 28 had lost their permits on such grounds in all the years since the Insolvency and Bankruptcy Board of India (IBBI) was set up in 2016. Another 15 IPs had to forfeit their registration over these years due to various disciplinary proceedings, the regulator's data showed....