# In the matter of Vijendra Kumar Jain vs. Insolvency and Bankruptcy Board of India, & Ors.

> HC judgment dated 2024-10-16. Citation: TCN-2024-HC-00019. The writ petition challenges the suspension of the petitioner, a Resolution Professional (RP), by…

- **Court:** HC
- **Order date:** 16 Oct 2024
- **Citation:** TCN-2024-HC-00019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/vijendra-kumar-jain-vs-insolvency-and-bankruptcy-board-of-india-ors-013b7cfc

## Summary

### Background

The writ petition challenges the suspension of the petitioner, a Resolution Professional (RP), by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI). The suspension was based on the petitioner's alleged failure to perform his duties under the Insolvency and Bankruptcy Code (IBC) and related regulations. The IBBI initiated an investigation following concerns raised about the petitioner's conduct during the Corporate Insolvency Resolution Process (CIRP) of M/s. Transparent Energy System Pvt. Ltd. The investigation stemmed from the petitioner's handling of a claim by Kanoria Chemicals & Industries Limited (KCIL). The NCLT approved a resolution plan, but KCIL appealed to the NCLAT, which made observations against the petitioner regarding

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## Facts

Vijendra Kumar Jain, the petitioner, was appointed as the Resolution Professional (RP) for M/s. Transparent Energy System Pvt. Ltd. during its Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT) approved a resolution plan. Kanoria Chemicals & Industries Limited (KCIL), a creditor, appealed to the National Company Law Appellate Tribunal (NCLAT), raising concerns about the handling of its claim. The NCLAT observed that the petitioner had failed to communicate the admitted claim amount of KCIL and had not objected to certain comments made by the Successful Resolution Applicant (SRA) regarding the arbitration award in favor of KCIL. The Insolvency and Bankruptcy Board of India (IBBI) initiated an investigation and issued a show

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## Issues and analysis

### Issue 1: Whether the Disciplinary Committee of the IBBI was justified in suspending the petitioner's …

**Ratio:** The IBBI has the power and jurisdiction under Section 218 of the Insolvency and

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**Reasoning:** The court reasoned that the Disciplinary Committee's decision was based on the findings

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**Interpretation:** This means that the IBBI can take disciplinary action against RPs based on

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**Application:** In this case, the NCLAT's findings provided a sufficient basis for the

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## Parties

- **Judges:** ATUL S. CHA…; Rajesh S.…
- **Appellants:** Vijendra Kumar…
- **Respondents:** Transparent…; The Insolvency…
- **Advocates:** Gaurav…; Chaitanya B…; +6 more

## Timeline

- **2019-03-08 — Appointment of Interim Resolution Professional…**: An Interim Resolution…
- **2019-06-03 — KCIL Submit…**: Kanoria Chemicals & Industries Limited (KCIL) submitted its claim in Form-B to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 218 — Investigation of insolvency professional agency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-218)

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