Mr. Arvind Kumar Agrawal filed a writ petition against the Insolvency & Bankruptcy Board of India (IBBI) and Dr. Navrang Saini, Whole Time Member of IBBI, challenging the rejection of his application for a Certificate of Registration as an Insolvency Professional (IP). The IBBI rejected his application on the grounds that he is self-employed, runs a Consultancy and Valuation business, and lacks managerial experience as a salaried employee. The petitioner argued that the term 'management' is not defined in the Regulations, 2016, and that self-employment does not preclude managerial experience.
Mr. Arvind Kumar Agrawal applied for a Certificate of Registration as an Insolvency Professional (IP) with the Insolvency & Bankruptcy Board of India (IBBI). The IBBI rejected his application, citing his self-employment as a consultant and valuer, and his lack of managerial experience as a salaried employee. The petitioner argued that the term 'management' is undefined in the relevant regulations and that his self-employment constitutes managerial experience. The IBBI's order (dated 18.11.2021) stated that an IP is entrusted with the duty of management of affairs and operations of stressed corporate debtors and must possess sufficient managerial experience. The IBBI also noted that the petitioner's income tax returns indicated income from business or profession,
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Mr. Arvind Kumar Agrawal filed a writ petition against the Insolvency & Bankruptcy Board of India (IBBI) and Dr. Navrang Saini, Whole Time Member of IBBI, challenging the rejection of his application for a Certificate of Registration as an Insolvency Professional (IP). The IBBI rejected his application on the grounds that he is self-employed, runs a Consultancy and Valuation business, and lacks managerial experience as a salaried employee. The petitioner argued that the term 'management' is not defined in the Regulations, 2016, and that self-employment does not preclude managerial experience.
Mr. Arvind Kumar Agrawal applied for a Certificate of Registration as an Insolvency Professional (IP) with the Insolvency & Bankruptcy Board of India (IBBI). The IBBI rejected his application, citing his self-employment as a consultant and valuer, and his lack of managerial experience as a salaried employee. The petitioner argued that the term 'management' is undefined in the relevant regulations and that his self-employment constitutes managerial experience. The IBBI's order (dated 18.11.2021) stated that an IP is entrusted with the duty of management of affairs and operations of stressed corporate debtors and must possess sufficient managerial experience. The IBBI also noted that the petitioner's income tax returns indicated income from business or profession,
…Respondent No. 2 passed an order rejecting…
The Court had observed that the respondent(s)…
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