This Writ Petition challenges a circular issued by the Insolvency and Bankruptcy Board of India (IBBI) on September 28, 2023, concerning the interpretation of terms within Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016. The petitioner, a Chartered Accountant and Insolvency Professional (IP), argues that the circular effectively amends the LP Regulations by introducing new requirements under the guise of clarification. The IBBI had issued a Show Cause Notice to the petitioner alleging excessive fees in a liquidation assignment, followed by an inspection and a second Show Cause Notice relying on the Impugned Circular. The petitioner contends that applying the Impugned Circular retrospectively is illegal and violates constitutional rights.
The petitioner, an Insolvency Professional (IP), was issued a Show Cause Notice by the Insolvency and Bankruptcy Board of India (IBBI) alleging excessive fees in liquidating Hindustan Dorr Oliver Limited (HDOL). The IBBI then initiated an inspection of the petitioner's assignments, leading to a second Show Cause Notice. This second notice relied on an Impugned Circular issued by the IBBI on September 28, 2023, which clarified the interpretation of terms in Regulation 4(2)(b) of the Liquidation Process Regulations (LP Regulations). The petitioner challenges the Impugned Circular, arguing that it effectively amends the LP Regulations retrospectively and is ultra vires the IBC. The petitioner contends that the circular changes the rules of the game after proceedings have
…Sign in to view the parties.
IBBI issued a Show…
The Petitioner replied…
This Writ Petition challenges a circular issued by the Insolvency and Bankruptcy Board of India (IBBI) on September 28, 2023, concerning the interpretation of terms within Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016. The petitioner, a Chartered Accountant and Insolvency Professional (IP), argues that the circular effectively amends the LP Regulations by introducing new requirements under the guise of clarification. The IBBI had issued a Show Cause Notice to the petitioner alleging excessive fees in a liquidation assignment, followed by an inspection and a second Show Cause Notice relying on the Impugned Circular. The petitioner contends that applying the Impugned Circular retrospectively is illegal and violates constitutional rights.
The petitioner, an Insolvency Professional (IP), was issued a Show Cause Notice by the Insolvency and Bankruptcy Board of India (IBBI) alleging excessive fees in liquidating Hindustan Dorr Oliver Limited (HDOL). The IBBI then initiated an inspection of the petitioner's assignments, leading to a second Show Cause Notice. This second notice relied on an Impugned Circular issued by the IBBI on September 28, 2023, which clarified the interpretation of terms in Regulation 4(2)(b) of the Liquidation Process Regulations (LP Regulations). The petitioner challenges the Impugned Circular, arguing that it effectively amends the LP Regulations retrospectively and is ultra vires the IBC. The petitioner contends that the circular changes the rules of the game after proceedings have
…IBBI issued a Show…
The Petitioner replied…