The case involves a challenge to an order dated 2024-04-09, which suspended the registration of the petitioner as an Insolvency Professional. The order was passed under Section 219 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 11 and 12 of the IBBI (Inspection and Investigation) Regulations, 2017. The petitioner argues that the order is without jurisdiction because it was passed by a whole-time member of the IBBI, whereas the relevant provision of the Code requires a 'Committee' to pass such orders. The petitioner also contends that the regulation under which they allegedly committed an infraction, Regulation 34(2) of the IBBI (Liquidation Process) Regulations, 2016, was deleted with effect from 2022-09-16.
The petitioner, an Insolvency Professional, had their registration suspended by an order dated 2024-04-09. This order was issued under Section 219 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 11 and 12 of the IBBI (Inspection and Investigation) Regulations, 2017. The order was passed by a whole-time member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner challenges the order, arguing that it should have been passed by a committee, not an individual member, based on the interpretation of the Code. Furthermore, the petitioner claims that the specific regulation they allegedly violated, Regulation 34(2) of the IBBI (Liquidation Process) Regulations, 2016, was deleted effective 2022-09-16, prior to the impugned order. The Gujarat
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Order passed suspending…
Regulation 34(2) of the…
The case involves a challenge to an order dated 2024-04-09, which suspended the registration of the petitioner as an Insolvency Professional. The order was passed under Section 219 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 11 and 12 of the IBBI (Inspection and Investigation) Regulations, 2017. The petitioner argues that the order is without jurisdiction because it was passed by a whole-time member of the IBBI, whereas the relevant provision of the Code requires a 'Committee' to pass such orders. The petitioner also contends that the regulation under which they allegedly committed an infraction, Regulation 34(2) of the IBBI (Liquidation Process) Regulations, 2016, was deleted with effect from 2022-09-16.
The petitioner, an Insolvency Professional, had their registration suspended by an order dated 2024-04-09. This order was issued under Section 219 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 11 and 12 of the IBBI (Inspection and Investigation) Regulations, 2017. The order was passed by a whole-time member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner challenges the order, arguing that it should have been passed by a committee, not an individual member, based on the interpretation of the Code. Furthermore, the petitioner claims that the specific regulation they allegedly violated, Regulation 34(2) of the IBBI (Liquidation Process) Regulations, 2016, was deleted effective 2022-09-16, prior to the impugned order. The Gujarat
…Order passed suspending…
Regulation 34(2) of the…