# In the matter of Duff & Phelps India Pvt. Ltd. Vs. Insolvency and Bankruptcy Board of India & Anr. W.P.(C) 3936/2020 and other applications

> HC judgment dated 2020-07-07. Citation: TCN-2020-HC-00026. Duff & Phelps India Private Limited filed a writ petition in the High Court of Delhi against the…

- **Court:** HC
- **Order date:** 7 Jul 2020
- **Citation:** TCN-2020-HC-00026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/duff-phelps-india-pvt-ltd-vs-insolvency-and-bankruptcy-board-of-india-anr-wp-3f935158

## Summary

### Background

Duff & Phelps India Private Limited filed a writ petition in the High Court of Delhi against the Insolvency & Bankruptcy Board of India (IBBI) and another. The petitioner sought to set aside an impugned order dated 08.06.2020 passed by the IBBI and to expunge observations and findings pertaining to the petitioner in that order. The case originated from a Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Ltd. against Gitanjali Gems Ltd, Nakshatra World Ltd, and Nakshatra Brands Ltd. Mr. Vijay Kumar Garg was appointed as the Interim Resolution Professional. The Committee of Creditors approved the appointment of the petitioner to provide infrastructure, personnel, and back-office services to the Resolution Professional. The NCLT raised

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## Facts

ICICI Bank Ltd. initiated CIRP against Gitanjali Gems Ltd, Nakshatra World Ltd, and Nakshatra Brands Ltd. Vijay Kumar Garg was appointed as Interim Resolution Professional. Duff & Phelps India Private Limited was appointed to provide services to the RP. The NCLT raised concerns about CIRP costs. IBBI issued a show cause notice to the RP and passed an impugned order on 08.06.2020, making observations against Duff & Phelps. Duff & Phelps filed a writ petition seeking to set aside the IBBI's order, arguing it was not a party to the proceedings and the observations were prejudicial. The Committee of Creditors had approved Duff & Phelps' appointment. The IBBI contended that the observations had no civil consequences and it was not a regulator of Duff &

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## Issues and analysis

### Issue 1: Whether the impugned order dated 08.06.2020 passed by the Insolvency & Bankruptcy Board of …

**Ratio:** The principles of natural justice require that a party should be given an opportunity to

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**Reasoning:** The court noted that the impugned order contained strong observations against the

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**Interpretation:** The court interpreted the principles of natural justice to require that a party

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**Application:** The court applied the principles of natural justice to the facts of the case

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## Parties

- **Judges:** JAYANT…
- **Appellants:** DUFF & PHELPS…
- **Respondents:** Insolvency and…

## Timeline

- **2018-10-08 — Appointment of Interim…**: Mr. Vijay Kumar Garg was appointed as…
- **2018-11-01 — Appointment of Duff &…**: The Committee of Creditors approved the appointment of the petitioner for providing…

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