# In the matter of Subrata Monindranath Maity vs. Insolvency and Bankruptcy Board of India

> HC judgment dated 2023-03-01. Citation: TCN-2023-HC-00079. Mr. Subrata Monindranath Maity, a resolution professional, filed a petition seeking to set aside an…

- **Court:** HC
- **Order date:** 1 Mar 2023
- **Citation:** TCN-2023-HC-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/subrata-monindranath-maity-vs-insolvency-and-bankruptcy-board-of-india-c38ddbc1

## Summary

### Background

Mr. Subrata Monindranath Maity, a resolution professional, filed a petition seeking to set aside an order dated January 10, 2023, issued by the Insolvency and Bankruptcy Board of India (IBBI). The IBBI had suspended the Petitioner's registration as a resolution professional for one year. The suspension was based on contraventions observed by the DC regarding the Petitioner's conduct in relation to M/s. Bhatia Coke and Energy Limited and M/s. Guardian Homes Pvt. Ltd., specifically concerning the disclosure of material information related to a job work agreement and the negotiation of resolution plans. The court also noted a delay in uploading NCLT orders, especially those declaring moratoriums and appointing IRPs.

## Facts

Mr. Subrata Monindranath Maity, a resolution professional, was appointed for M/s. Bhatia Coke and Energy Limited and M/s. Guardian Homes Pvt. Ltd. The IBBI suspended his registration for one year via an order dated January 10, 2023, citing contraventions of regulations. The IBBI's DC observed that Mr. Maity did not act according to the Code and Regulations, specifically by not disclosing material information regarding a job work agreement between CD-II and a member of the Resolution Applicant during resolution plan negotiations. The IBBI order also referenced SCN-2 No. IBBI/IP/INSP/2022/158. The Petitioner claims he did not engage in misconduct. The CBI has registered a case against the Petitioner. The court noted delays in uploading NCLT orders, specifically those

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## Issues and analysis

### Issue 1: Whether the suspension of the Petitioner's registration as a resolution professional by the IBBI is …

**Ratio:** The IBBI has the authority to suspend the registration of a resolution professional if

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**Reasoning:** The IBBI's decision was based on the DC's observations regarding the Petitioner's failure

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**Interpretation:** The IBBI's power to suspend registration is interpreted in the context of

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**Application:** The court will apply the ratio to the specific facts of the case, considering

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## Parties

- **Judges:** PRATHIBA M.…
- **Appellants:** MR SUBRATA…
- **Respondents:** Insolvency and…
- **Other parties:** Kohi…

## Timeline

- **2023-01-10 — IBBI Ord…**: The IBBI passed an order suspending the Petitioner's registration as a resolution…
- **2022-03-14 — NCLT Ord…**: An NCLT order was issued…

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