# In the matter of Vishwanatha Sridhar Prabhu Vs. Union of India through GP & Anr WRIT PETITION NO. 10440 OF 2022

> HC judgment dated 2023-01-12. Citation: TCN-2023-HC-00089. The case involves a writ petition filed by Vishwanatha Sridhar Prabhu against the Union of India…

- **Court:** HC
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-HC-00089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/vishwanatha-sridhar-prabhu-vs-union-of-india-through-gp-anr-writ-petition-no-104-5acd4b90

## Summary

### Background

The case involves a writ petition filed by Vishwanatha Sridhar Prabhu against the Union of India and the Insolvency and Bankruptcy Board of India (IBBI). The petitioner, a Chartered Accountant and registered valuer, challenges the IBBI's order suspending his registration as a registered valuer. The suspension was based on a show cause notice issued by the IBBI following the filing of a charge-sheet by the Economic Offences Wing (EOW) against the petitioner for alleged involvement in activities related to the Punjab and Maharashtra Cooperative Bank Ltd (“PMC”) case. The petitioner argues that the mere pendency of criminal proceedings should not automatically lead to the suspension of his registration, especially since charges have not yet been framed and the case is

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## Facts

Vishwanatha Sridhar Prabhu, a Chartered Accountant, is a registered valuer with the IBBI. In September 2019, the Economic Offences Wing (EOW) registered a First Information Report (FIR) against officials of the PMC bank. Yardi Prabhu Consultants, where the Petitioner is a director, had PMC as a client. The EOW called the Petitioner for enquiry and investigation, and he was arrested on 12th March 2020. The EOW filed charge-sheets, and the Petitioner was accused No. 14. He obtained bail on 20th June 2022. While in judicial custody, the IBBI issued a show cause notice on 4th May 2021, asking why the Petitioner's registration should not be cancelled, citing the charge-sheet filed by the EOW. The Petitioner replied, arguing that the mere filing of a charge-sheet did not

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## Issues and analysis

### Issue 1: Whether the IBBI's order suspending the petitioner's registration as a registered valuer based …

**Ratio:** The presumption of innocence is a fundamental principle of criminal jurisprudence. A

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**Reasoning:** The court reasoned that the IBBI's order was based on the premise that the mere pendency

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**Interpretation:** The court interpreted the relevant rules and regulations to mean that the IBBI

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**Application:** The court applied the principle of the presumption of innocence to the facts of

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## Parties

- **Judges:** G.S.P…; S.G.…
- **Appellants:** Vishwanatha…
- **Respondents:** Union of…

## Timeline

- **2019-09-01 — FIR Regis…**: First Information Report No. 86 of 2019 registered by the Economic Offences Wing (EOW)…
- **2020-03-12 — Petitioner A…**: The Petitioner was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 188 — Establishment and incorporation of Board](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-188)

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