The Petitioner approached the High Court of Delhi seeking a writ of mandamus against the Insolvency and Bankruptcy Board of India (IBBI), referred to as 'the Board', to take action against Respondent No.3 (now Respondent No.2), an Insolvency Resolution Professional (IRP), for misconduct in the Corporate Insolvency Resolution Process (CIRP) of M/s Sandhya Prakash Limited, the Corporate Debtor. The Petitioner also sought a restraining order against Respondent No.3 from functioning as a Liquidator of the Corporate Debtor during the pendency of the writ petition. The National Company Law Tribunal (NCLT) at Ahmadabad initiated CIRP against the Corporate Debtor. The petitioner alleged that the IRP failed to perform duties diligently, specifically regarding public
…The Petitioner, ABBA Consultants Private Limited, an Operational Creditor of M/s Sandhya Prakash Limited (Corporate Debtor), filed a writ petition seeking action against Respondent No.3 (later Respondent No.2), an Insolvency Resolution Professional (IRP), for misconduct during the CIRP. The NCLT initiated CIRP against the Corporate Debtor. The IRP allegedly failed to publish public announcements in required newspapers within the stipulated time and uploaded an incomplete Information Memorandum (IM) on the Corporate Debtor's website. The Petitioner filed a complaint with the IBBI (Respondent No.1) regarding these irregularities. The IBBI initially found merit in the allegations but later closed the complaint, concluding that no further action was necessary. The
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The Petitioner approached the High Court of Delhi seeking a writ of mandamus against the Insolvency and Bankruptcy Board of India (IBBI), referred to as 'the Board', to take action against Respondent No.3 (now Respondent No.2), an Insolvency Resolution Professional (IRP), for misconduct in the Corporate Insolvency Resolution Process (CIRP) of M/s Sandhya Prakash Limited, the Corporate Debtor. The Petitioner also sought a restraining order against Respondent No.3 from functioning as a Liquidator of the Corporate Debtor during the pendency of the writ petition. The National Company Law Tribunal (NCLT) at Ahmadabad initiated CIRP against the Corporate Debtor. The petitioner alleged that the IRP failed to perform duties diligently, specifically regarding public
…The Petitioner, ABBA Consultants Private Limited, an Operational Creditor of M/s Sandhya Prakash Limited (Corporate Debtor), filed a writ petition seeking action against Respondent No.3 (later Respondent No.2), an Insolvency Resolution Professional (IRP), for misconduct during the CIRP. The NCLT initiated CIRP against the Corporate Debtor. The IRP allegedly failed to publish public announcements in required newspapers within the stipulated time and uploaded an incomplete Information Memorandum (IM) on the Corporate Debtor's website. The Petitioner filed a complaint with the IBBI (Respondent No.1) regarding these irregularities. The IBBI initially found merit in the allegations but later closed the complaint, concluding that no further action was necessary. The
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