The case involves a challenge to an order dated 2022-11-21 passed by the Insolvency & Bankruptcy Board of India (IBBI) Disciplinary Committee. The petitioner, acting as an Interim Resolution Professional (IRP), was issued show cause notices during a corporate insolvency resolution process for Brain Master's Classes Private Limited and Eagle Corporation Private Limited. The IBBI found the petitioner had committed a lapse in the conduct of the CIRP, specifically failing to file a necessary application for approving a resolution plan or liquidation of the corporate debtor within the stipulated 180-day period as per Sec.12 of the IBC. The IBBI noted that the period for the process in the case of Brain Master's Classes Private Limited expired on 2020-03-10.
The petitioner, Sunil Kumar Agarwal, was acting as an Interim Resolution Professional (IRP) in the corporate insolvency resolution process (CIRP) of Brain Master's Classes Private Limited and Eagle Corporation Private Limited. The Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee issued an order dated 2022-11-21 against the petitioner, alleging a lapse in the conduct of the CIRP. The IBBI claimed that the petitioner failed to file a necessary application for approving the resolution plan or liquidation of the corporate debtor within the 180-day period stipulated by Sec.12 of the IBC. The period for the CIRP in the case of Brain Master's Classes Private Limited expired on 2020-03-10. The petitioner contended that the responsibility for calling a
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The period for the corporate insolvency…
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The case involves a challenge to an order dated 2022-11-21 passed by the Insolvency & Bankruptcy Board of India (IBBI) Disciplinary Committee. The petitioner, acting as an Interim Resolution Professional (IRP), was issued show cause notices during a corporate insolvency resolution process for Brain Master's Classes Private Limited and Eagle Corporation Private Limited. The IBBI found the petitioner had committed a lapse in the conduct of the CIRP, specifically failing to file a necessary application for approving a resolution plan or liquidation of the corporate debtor within the stipulated 180-day period as per Sec.12 of the IBC. The IBBI noted that the period for the process in the case of Brain Master's Classes Private Limited expired on 2020-03-10.
The petitioner, Sunil Kumar Agarwal, was acting as an Interim Resolution Professional (IRP) in the corporate insolvency resolution process (CIRP) of Brain Master's Classes Private Limited and Eagle Corporation Private Limited. The Insolvency and Bankruptcy Board of India (IBBI) Disciplinary Committee issued an order dated 2022-11-21 against the petitioner, alleging a lapse in the conduct of the CIRP. The IBBI claimed that the petitioner failed to file a necessary application for approving the resolution plan or liquidation of the corporate debtor within the 180-day period stipulated by Sec.12 of the IBC. The period for the CIRP in the case of Brain Master's Classes Private Limited expired on 2020-03-10. The petitioner contended that the responsibility for calling a
…The period for the corporate insolvency…
The petitioner made an initial request to…
Sign in to view related legal provisions.