# In the matter of Ajit Gyanchand Jain vs. Insolvency and Bankruptcy Board of India

> HC judgment dated 2024-05-06. Citation: TCN-2024-HC-00093. The case involves a challenge to an order passed by a single member of the Insolvency and…

- **Court:** HC
- **Order date:** 6 May 2024
- **Citation:** TCN-2024-HC-00093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/ajit-gyanchand-jain-vs-insolvency-and-bankruptcy-board-of-india-c7321dd4

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the order passed by one member of the respondent Board is contrary to the provision of …

**Ratio:** The ratio is based on the interpretation of Section 220 of the Insolvency and Bankruptcy

…

**Reasoning:** The court's reasoning is that the petitioner has raised a valid concern regarding the

…

**Interpretation:** The interpretation revolves around the proper construction of Section 220 of

…

**Application:** The application of the ratio and reasoning to the specific facts involves

…

## Parties

- **Judges:** VAIBHAVI D.…
- **Appellants:** Ajit Gyanchand…
- **Respondents:** Insolvency and…

## Timeline

- **2024-04-30 — Order Da…**: Order dated 30.04.2024 bearing No.IBBI/DC/212/2024 is directed not to be acted upon till…
- **2024-05-06 — Court He…**: Court heard the arguments and issued…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 220 — Appointment of disciplinary committee](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-220)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/high-courts-new-delhi/ajit-gyanchand-jain-vs-insolvency-and-bankruptcy-board-of-india-c7321dd4