# In the matter of Amit Sureshmal Lodha vs. Insolvency and Bankruptcy Board of India & Anr.

> HC judgment dated 2024-09-06. Citation: TCN-2024-HC-00035. The writ petition was filed by Amit Sureshmal Lodha seeking directions to the Insolvency and…

- **Court:** HC
- **Order date:** 6 Sept 2024
- **Citation:** TCN-2024-HC-00035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/amit-sureshmal-lodha-vs-insolvency-and-bankruptcy-board-of-india-anr-7add2f46

## Summary

### Background

The writ petition was filed by Amit Sureshmal Lodha seeking directions to the Insolvency and Bankruptcy Board of India (IBBI) to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of a suspended director during the period prior to the Resolution Professional (RP) assuming control of a company admitted into the Corporate Insolvency Resolution Process (CIRP). The petitioner also sought directions to establish protocols ensuring timely communication and publication of CIRP admission orders and details of appointed Interim Resolution Professionals (IRP)/RPs. Additionally, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern,

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## Facts

Amit Sureshmal Lodha filed a writ petition before the Delhi High Court seeking several reliefs related to the rights and responsibilities of suspended directors during the CIRP. The petitioner requested the court to direct the IBBI to formulate guidelines clarifying the rights, duties, responsibilities, and liabilities of suspended directors during the period before the RP assumes control. The petitioner also sought the establishment of protocols for timely communication and publication of CIRP admission orders and details of appointed IRPs/RPs. Furthermore, the petitioner requested legal protections for suspended directors acting in good faith during the 'moonlight period' to keep the corporate debtor as a going concern, similar to protections under Section 233 of the

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## Issues and analysis

### Issue 1: Whether the Court should direct the IBBI to formulate guidelines clarifying the rights, duties, …

**Ratio:** The Court is generally disinclined to

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**Reasoning:** The Court opined that granting the reliefs sought by the Petitioner would amount to

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**Interpretation:** The Court interprets its role as not extending to directing statutory

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**Application:** The Court declined to direct IBBI to formulate guidelines, as doing so would

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## Parties

- **Judges:** Sanjeev N…
- **Appellants:** AMIT SURESHMAL…
- **Respondents:** Insolvency and…

## Timeline

- **2024-08-13 — Petitioner's Representat…**: The Petitioner made a representation to Respondent No. 1 (IBBI) regarding the issues…
- **2024-09-06 — Order Da…**: The Delhi High Court disposed of the writ petition, directing IBBI to consider the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 233 — Protection of action taken in good faith](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-233)

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