The case involves a writ petition filed by Rakesh Kumar Gupta against the Insolvency and Bankruptcy Board of India (IBBI) and another respondent, challenging an order passed by the Disciplinary Committee of IBBI. The Disciplinary Committee, while exercising powers under Section 220(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, suspended the registration of the Petitioner as an insolvency professional for one year. The petitioner raised jurisdictional objections, arguing that the impugned order failed to adequately consider preliminary objections regarding the maintainability of the Show Cause Notice. The petitioner also contended that the complaint against him was barred by limitation
…Rakesh Kumar Gupta, an insolvency professional, faced disciplinary action from the IBBI. A complaint was filed against him by CBM Constructions LLP, alleging improprieties in the constitution and functioning of the Committee of Creditors (CoC) during a Corporate Insolvency Resolution Process (CIRP). Specifically, it was alleged that Axis Bank, a financial creditor, was not included in the CoC despite having a claim. The Disciplinary Committee of the IBBI suspended Gupta's registration for one year. Gupta challenged this order, arguing that the complaint was time-barred under Regulation 3(4) of the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017, as it was filed after the approval of the resolution plan. He also argued that CBM Constructions LLP was
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Axis Bank, a secured…
The case involves a writ petition filed by Rakesh Kumar Gupta against the Insolvency and Bankruptcy Board of India (IBBI) and another respondent, challenging an order passed by the Disciplinary Committee of IBBI. The Disciplinary Committee, while exercising powers under Section 220(2) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, suspended the registration of the Petitioner as an insolvency professional for one year. The petitioner raised jurisdictional objections, arguing that the impugned order failed to adequately consider preliminary objections regarding the maintainability of the Show Cause Notice. The petitioner also contended that the complaint against him was barred by limitation
…Rakesh Kumar Gupta, an insolvency professional, faced disciplinary action from the IBBI. A complaint was filed against him by CBM Constructions LLP, alleging improprieties in the constitution and functioning of the Committee of Creditors (CoC) during a Corporate Insolvency Resolution Process (CIRP). Specifically, it was alleged that Axis Bank, a financial creditor, was not included in the CoC despite having a claim. The Disciplinary Committee of the IBBI suspended Gupta's registration for one year. Gupta challenged this order, arguing that the complaint was time-barred under Regulation 3(4) of the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017, as it was filed after the approval of the resolution plan. He also argued that CBM Constructions LLP was
…The resolution…
Axis Bank, a secured…