The writ petition challenges show cause notices issued by the Insolvency & Bankruptcy Board of India (IBBI) to the petitioner, an Insolvency Professional (IP), for alleged violations under the Insolvency and Bankruptcy Code, 2016. The petitioner also challenges the suspension of his Authorization for Assignment (AFA) and the validity of Clause 23A of the IBBI's Model Bye-Laws and the ICSI Institute of Insolvency Professionals' Bye-Laws, arguing they are ultra vires.
The petitioner, an Insolvency Professional (IP) registered with the Insolvency & Bankruptcy Board of India (IBBI), received show cause notices from the IBBI dated 26th October 2023 and 10th April 2024. These notices proposed action against him for violations under the Insolvency and Bankruptcy Code, 2016. The IBBI initiated these actions based on investigation reports. The petitioner's Authorization for Assignment (AFA) was suspended following the issuance of the show cause notices. The petitioner contends that the show cause notices were issued without jurisdiction, challenging the validity of Clause 23A of the IBBI's Model Bye-Laws and the ICSI Institute of Insolvency Professionals' Bye-Laws, arguing they are ultra vires. The IBBI argued that the show cause
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IBBI issued a show…
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The writ petition challenges show cause notices issued by the Insolvency & Bankruptcy Board of India (IBBI) to the petitioner, an Insolvency Professional (IP), for alleged violations under the Insolvency and Bankruptcy Code, 2016. The petitioner also challenges the suspension of his Authorization for Assignment (AFA) and the validity of Clause 23A of the IBBI's Model Bye-Laws and the ICSI Institute of Insolvency Professionals' Bye-Laws, arguing they are ultra vires.
The petitioner, an Insolvency Professional (IP) registered with the Insolvency & Bankruptcy Board of India (IBBI), received show cause notices from the IBBI dated 26th October 2023 and 10th April 2024. These notices proposed action against him for violations under the Insolvency and Bankruptcy Code, 2016. The IBBI initiated these actions based on investigation reports. The petitioner's Authorization for Assignment (AFA) was suspended following the issuance of the show cause notices. The petitioner contends that the show cause notices were issued without jurisdiction, challenging the validity of Clause 23A of the IBBI's Model Bye-Laws and the ICSI Institute of Insolvency Professionals' Bye-Laws, arguing they are ultra vires. The IBBI argued that the show cause
…IBBI issued a show…
IBBI issued another…