The case involves a challenge to an order passed by a single member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner argues that the order violates Section 220 of the Insolvency and Bankruptcy Code, 2016. The respondent, IBBI, relies on the definition of 'Disciplinary Committee' under the IBBI (Inspection and Investigation) Regulations, 2017, and a report of the working group - 1, arguing that the Disciplinary Committee should consist of whole-time members.
Ajit Gyanchand Jain filed a special civil application challenging an order passed by a single member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner contends that the order contravenes Section 220 of the Insolvency and Bankruptcy Code, 2016. IBBI defends its order by referring to the definition of 'Disciplinary Committee' as per the IBBI (Inspection and Investigation) Regulations, 2017, and a report from a working group, asserting that the Disciplinary Committee should be composed of whole-time members. The court notes that a similar issue is already under consideration in other pending writ petitions. The specific order under challenge is dated 30.04.2024, bearing No.IBBI/DC/212/2024.
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Order dated 30.04.2024 bearing…
Court heard the…
The case involves a challenge to an order passed by a single member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner argues that the order violates Section 220 of the Insolvency and Bankruptcy Code, 2016. The respondent, IBBI, relies on the definition of 'Disciplinary Committee' under the IBBI (Inspection and Investigation) Regulations, 2017, and a report of the working group - 1, arguing that the Disciplinary Committee should consist of whole-time members.
Ajit Gyanchand Jain filed a special civil application challenging an order passed by a single member of the Insolvency and Bankruptcy Board of India (IBBI). The petitioner contends that the order contravenes Section 220 of the Insolvency and Bankruptcy Code, 2016. IBBI defends its order by referring to the definition of 'Disciplinary Committee' as per the IBBI (Inspection and Investigation) Regulations, 2017, and a report from a working group, asserting that the Disciplinary Committee should be composed of whole-time members. The court notes that a similar issue is already under consideration in other pending writ petitions. The specific order under challenge is dated 30.04.2024, bearing No.IBBI/DC/212/2024.
Order dated 30.04.2024 bearing…
Court heard the…