The case involves a petition filed by Sunil Kumar Agarwal against the Insolvency and Bankruptcy Board of India (IBBI). The petitioner sought the withdrawal of the Corporate Insolvency Resolution Process (CIRP), which was initially requested by the Operational Creditor (OC). The Adjudicating Authority approved the withdrawal of CIRP against the Corporate Debtor via an order dated 31.08.2020, following an application filed by the petitioner under Section 12A of the Code read with regulation 30(1)(a) of the CIRP regulations. However, the Adjudicating Authority made some observations regarding the petitioner's working in its order dated 31.08.2020, passed in IA No. 456/2020.
Sunil Kumar Agarwal, the petitioner, sought to withdraw the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initially approved the withdrawal of CIRP against the Corporate Debtor on 31.08.2020, based on an application under Section 12A of the Code. However, the Adjudicating Authority made observations about the petitioner's work. The petitioner appealed to NCLAT, which clarified there was no stigma on the petitioner's conduct. The petitioner argued that the disciplinary committee was improperly constituted. The petitioner was ready to deposit Rs. 5,30,000/-. The court stayed a condition requiring the petitioner to undergo a pre-registration educational course and issued a notice to the respondent.
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High Court order…
Adjudicating Authority approved the withdrawal…
The case involves a petition filed by Sunil Kumar Agarwal against the Insolvency and Bankruptcy Board of India (IBBI). The petitioner sought the withdrawal of the Corporate Insolvency Resolution Process (CIRP), which was initially requested by the Operational Creditor (OC). The Adjudicating Authority approved the withdrawal of CIRP against the Corporate Debtor via an order dated 31.08.2020, following an application filed by the petitioner under Section 12A of the Code read with regulation 30(1)(a) of the CIRP regulations. However, the Adjudicating Authority made some observations regarding the petitioner's working in its order dated 31.08.2020, passed in IA No. 456/2020.
Sunil Kumar Agarwal, the petitioner, sought to withdraw the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority initially approved the withdrawal of CIRP against the Corporate Debtor on 31.08.2020, based on an application under Section 12A of the Code. However, the Adjudicating Authority made observations about the petitioner's work. The petitioner appealed to NCLAT, which clarified there was no stigma on the petitioner's conduct. The petitioner argued that the disciplinary committee was improperly constituted. The petitioner was ready to deposit Rs. 5,30,000/-. The court stayed a condition requiring the petitioner to undergo a pre-registration educational course and issued a notice to the respondent.
High Court order…
Adjudicating Authority approved the withdrawal…