These Writ Petitions were filed to annul the circular dated 21.12.2023, issued by the Insolvency and Bankruptcy Board of India (IBBI). The petitioners contended that the circular is ultra vires and violates the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), specifically Sections 97(3), 97(4), and 97(5) of the IBC. The circular was issued by IBBI under Section 196 of the IBC to all registered Insolvency Professionals, recognized Insolvency Professional entities, and registered Insolvency Professional Agencies. The circular aimed to clarify the submission of particulars and declarations by the Insolvency Professional in the application filed by the creditors in Part-IV in Form-C of the Insolvency Resolution Process for Personal Guarantors to Corporate
…The Insolvency and Bankruptcy Board of India (IBBI) issued a circular dated 21.12.2023, under Section 196 of the Insolvency and Bankruptcy Code (IBC), to clarify the submission of particulars and declarations by Insolvency Professionals in applications filed by creditors under the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019. The circular allows creditors to recommend an Insolvency Professional when filing an application. Petitioners filed writ petitions contending that the circular is ultra vires and violates Sections 97(3), 97(4), and 97(5) of the IBC, arguing that it improperly allows creditors to nominate Resolution Professionals, a power allegedly reserved for the IBBI. The IBBI defended the circular, stating it clarifies
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These Writ Petitions were filed to annul the circular dated 21.12.2023, issued by the Insolvency and Bankruptcy Board of India (IBBI). The petitioners contended that the circular is ultra vires and violates the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), specifically Sections 97(3), 97(4), and 97(5) of the IBC. The circular was issued by IBBI under Section 196 of the IBC to all registered Insolvency Professionals, recognized Insolvency Professional entities, and registered Insolvency Professional Agencies. The circular aimed to clarify the submission of particulars and declarations by the Insolvency Professional in the application filed by the creditors in Part-IV in Form-C of the Insolvency Resolution Process for Personal Guarantors to Corporate
…The Insolvency and Bankruptcy Board of India (IBBI) issued a circular dated 21.12.2023, under Section 196 of the Insolvency and Bankruptcy Code (IBC), to clarify the submission of particulars and declarations by Insolvency Professionals in applications filed by creditors under the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019. The circular allows creditors to recommend an Insolvency Professional when filing an application. Petitioners filed writ petitions contending that the circular is ultra vires and violates Sections 97(3), 97(4), and 97(5) of the IBC, arguing that it improperly allows creditors to nominate Resolution Professionals, a power allegedly reserved for the IBBI. The IBBI defended the circular, stating it clarifies
…IBBI issued the…
A demand notice in…