The Petitioner, Sundaresh Bhat, filed a Writ Petition challenging an order dated 28.09.2022 issued by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI). The IBBI order suspended the Petitioner's registration for two years. The case arises from the Petitioner's role as the Interim Resolution Professional and later as the Liquidator for ABG Shipyard Limited, a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The IBBI initiated disciplinary action based on alleged contraventions of the Insolvency and Bankruptcy Code (IBC) and related regulations.
ABG Shipyard Limited was in the business of shipbuilding. ICICI Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('the IBC'), leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The Petitioner, Sundaresh Bhat, was appointed as the Interim Resolution Professional and later as the Liquidator. The NCLT, Ahmedabad, directed the Corporate Debtor to undergo liquidation under Section 33(2) of the IBC. The IBBI issued a Show Cause Notice to the Petitioner based on a draft inspection report, alleging several contraventions. These included influencing registered valuers, prescribing non-refundable participation fees for auction bidders, appointing unregistered valuers, and paying excess fees to BDO Restructuring
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The Insolven…
NCLT Ahmedabad directed that the Corporate…
The Petitioner, Sundaresh Bhat, filed a Writ Petition challenging an order dated 28.09.2022 issued by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI). The IBBI order suspended the Petitioner's registration for two years. The case arises from the Petitioner's role as the Interim Resolution Professional and later as the Liquidator for ABG Shipyard Limited, a Corporate Debtor undergoing Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The IBBI initiated disciplinary action based on alleged contraventions of the Insolvency and Bankruptcy Code (IBC) and related regulations.
ABG Shipyard Limited was in the business of shipbuilding. ICICI Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('the IBC'), leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The Petitioner, Sundaresh Bhat, was appointed as the Interim Resolution Professional and later as the Liquidator. The NCLT, Ahmedabad, directed the Corporate Debtor to undergo liquidation under Section 33(2) of the IBC. The IBBI issued a Show Cause Notice to the Petitioner based on a draft inspection report, alleging several contraventions. These included influencing registered valuers, prescribing non-refundable participation fees for auction bidders, appointing unregistered valuers, and paying excess fees to BDO Restructuring
…The Insolven…
NCLT Ahmedabad directed that the Corporate…