# In the matter of Mahender Kumar Khandelwal Vs. Insolvency and Bankruptcy Board of India W.P.(C) 12189/2019 & CM APPL. 49819/2019

> HC judgment dated 2019-11-25. Citation: TCN-2019-HC-00006. The writ petition challenges an order dated 14.11.2019 passed by respondent no.1/IRBI. The order…

- **Court:** HC
- **Order date:** 25 Nov 2019
- **Citation:** TCN-2019-HC-00006
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/mahender-kumar-khandelwal-vs-insolvency-and-bankruptcy-board-of-india-wp-bcf33b30

## Summary

### Background

The writ petition challenges an order dated 14.11.2019 passed by respondent no.1/IRBI. The order restricts the petitioner, Mahender Kumar Khandelwal, from accepting new assignments as an Interim Resolution Professional (IRP) or Resolution Professional (RP) until he deposits a monetary penalty of Rs. 29,24,167/- and provides evidence of a deposit of Rs. 12,09,90,185/- in the Corporate Debtor's account. The petitioner deposited Rs. 29,24,167/- with the Registry of the Court. The Committee of Creditors (COC) passed a resolution on 10.10.2018 regarding the payment of pending bills of Cyril Amarchand Mangaldas. The COC was directed to deposit Rs. 12,09,90,185/- with the Registry of the Court.

## Facts

Mahender Kumar Khandelwal filed a writ petition challenging an order by the Insolvency and Bankruptcy Board of India (IBBI) that restricted him from accepting new assignments as an Interim Resolution Professional (IRP) or Resolution Professional (RP). The restriction was contingent upon him depositing a monetary penalty of Rs. 29,24,167 and providing evidence of a deposit of Rs. 12,09,90,185 in the Corporate Debtor's (M/s Bhushan Power and Steel Limited) account. The Committee of Creditors (COC) had previously passed a resolution regarding the payment of pending bills to Cyril Amarchand Mangaldas. The petitioner deposited Rs. 29,24,167 with the court registry. The COC was directed to deposit Rs. 12,09,90,185 with the court registry. The court stayed the operation of

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## Issues and analysis

### Issue 1: Whether the order passed by respondent no.1/IRBI restricting the petitioner from accepting new …

**Ratio:** The court has the power to grant interim relief in writ petitions to prevent irreparable

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**Reasoning:** The court reasoned that the petitioner had already deposited Rs. 29,24,167/- with the

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**Interpretation:** The court interpreted the order passed by respondent no.1/IRBI as being unduly

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**Application:** The court applied the principle of granting interim relief to stay the

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## Parties

- **Judges:** RAJIV SHA…
- **Appellants:** Mahender Kumar…
- **Respondents:** M/s Bhushan Power…; Insolvency and…

## Timeline

- **2018-10-10 — COC Meet…**: Committee of Creditors (COC) passed a resolution regarding the payment of pending bills…
- **2019-11-14 — Order by…**: Order passed by respondent no.1/IRBI restricting the petitioner from accepting new…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 21(8) — Committee of creditors](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-21)

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