The case involves a writ petition filed by Mr. V. Venkata Siva Kumar, a Resolution Professional, challenging a show-cause notice issued by the Insolvency and Bankruptcy Board of India (IBBI). The IBBI initiated disciplinary proceedings against the petitioner based on allegations that he violated regulations by sharing a valuation report of a corporate debtor, Jeypore Sugar Company Ltd., with prospective scheme proponents during the liquidation process. This action, according to the IBBI, compromised the confidentiality required during liquidation and potentially influenced the bidding process. The petitioner contends that as a liquidator appointed by the NCLT under Section 230 of the Companies Act, he was not governed by the IBC and that the IBBI lacked jurisdiction to
…On 2019-02-25, a Corporate Insolvency Resolution Process (CIRP) commenced for Jeypore Sugar Company Ltd., and Mr. V. Venkata Siva Kumar was appointed as the Resolution Professional by the NCLT. On 2020-05-29, the NCLT decided that the CIRP had failed and initiated the liquidation process, appointing Mr. Kumar as the liquidator. Subsequently, IDBI bank sought the replacement of Mr. Kumar as the liquidator, alleging that he had acted against the interests of the corporate debtor by sharing the valuation report with prospective scheme proponents. Mr. Kumar admitted to sharing the valuation report. On 2022-07-01, the NCLT removed Mr. Kumar as the liquidator. On 2022-09-01, Mr. Anil Kumar, a Technical Member of the NCLT, filed complaints against Mr. Kumar with the IIIP/ICAI
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Corporate Insolvency…
The Adjudicating Authority decided that CIRP…
The case involves a writ petition filed by Mr. V. Venkata Siva Kumar, a Resolution Professional, challenging a show-cause notice issued by the Insolvency and Bankruptcy Board of India (IBBI). The IBBI initiated disciplinary proceedings against the petitioner based on allegations that he violated regulations by sharing a valuation report of a corporate debtor, Jeypore Sugar Company Ltd., with prospective scheme proponents during the liquidation process. This action, according to the IBBI, compromised the confidentiality required during liquidation and potentially influenced the bidding process. The petitioner contends that as a liquidator appointed by the NCLT under Section 230 of the Companies Act, he was not governed by the IBC and that the IBBI lacked jurisdiction to
…On 2019-02-25, a Corporate Insolvency Resolution Process (CIRP) commenced for Jeypore Sugar Company Ltd., and Mr. V. Venkata Siva Kumar was appointed as the Resolution Professional by the NCLT. On 2020-05-29, the NCLT decided that the CIRP had failed and initiated the liquidation process, appointing Mr. Kumar as the liquidator. Subsequently, IDBI bank sought the replacement of Mr. Kumar as the liquidator, alleging that he had acted against the interests of the corporate debtor by sharing the valuation report with prospective scheme proponents. Mr. Kumar admitted to sharing the valuation report. On 2022-07-01, the NCLT removed Mr. Kumar as the liquidator. On 2022-09-01, Mr. Anil Kumar, a Technical Member of the NCLT, filed complaints against Mr. Kumar with the IIIP/ICAI
…Corporate Insolvency…
The Adjudicating Authority decided that CIRP…