# 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 2020-07-14. Citation: TCN-2020-HC-00025. The case involves a petition filed by Duff & Phelps India Private Limited in the High Court of…

- **Court:** HC
- **Order date:** 14 Jul 2020
- **Citation:** TCN-2020-HC-00025
- **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-d9cd67a4

## Summary

### Background

The case involves a petition filed by Duff & Phelps India Private Limited in the High Court of Delhi. The petitioner is contesting observations made in an impugned order related to their appointment as resolution professionals (RPs). The petitioner argues that non-IPE firms are involved in major IBC cases, they are a regulated entity under SEBI, and the Committee of Creditors (COC) approved their appointment. The Insolvency and Bankruptcy Board of India (IBBI) is a respondent in the case.

## Facts

Duff & Phelps India Private Limited filed a petition in the High Court of Delhi challenging an impugned order related to their appointment as resolution professionals (RPs). The petitioner argues that non-IPE firms are involved in major IBC cases, they are a regulated entity under SEBI, and the Committee of Creditors (COC) approved their appointment. The petitioner relies on a Supreme Court judgment (K. Sashidhar vs. Indian Overseas Bank) emphasizing the commercial wisdom of the COC. The Insolvency and Bankruptcy Board of India (IBBI), as a respondent, contends that the petitioner's appointment may be invalid under Section 206 of the IBC and cites a judgment supporting the engagement of professionals/IPE by RPs. The COC had approved the appointment of the

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## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to continue assignments given by other Resolution …

**Ratio:** The court has the discretion to grant interim relief to maintain the status quo and

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**Reasoning:** The court reasoned that the petitioner's appointment was prima facie approved by the COC,

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**Interpretation:** This issue involves the interpretation of the court's power to grant interim

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**Application:** The court applied the ratio by considering the petitioner's prima facie case

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## Parties

- **Judges:** JAYANT…
- **Appellants:** DUFF & PHELPS…
- **Respondents:** INSOLVENCY &…
- **Advocates:** Rajiv N…; Arjun…; +6 more

## Timeline

- **2020-07-07 — Earlier Ord…**: Reference to an earlier…
- **2018-11-01 — COC Meeting - Gitanjali…**: The COC in its meeting on 01.11.2018 in the case of Gitanjali Gems Ltd. had approved the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 206 — Enrolled and registered persons to act as…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-206)

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