The case involves a petition filed by Vivek Raheja against the Insolvency and Bankruptcy Board of India (IBBI) challenging an order dated January 12, 2024, passed by the IBBI's Disciplinary Committee. The order found the petitioner, an Insolvency Professional, in contravention of the Insolvency and Bankruptcy Code, 2016, and its regulations. The allegations relate to the Corporate Insolvency Resolution Process (CIRP) of Trading Engineers (International) Limited. The petitioner's registration has been suspended for two years as a consequence of the impugned order.
Vivek Raheja, an Insolvency Professional, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) for the Corporate Insolvency Resolution Process (CIRP) of Trading Engineers (International) Limited. Complaints were filed by ex-employees of the Corporate Debtor, leading to the issuance of a Show Cause Notice (SCN) by the IBBI. The Disciplinary Committee of IBBI initially closed the proceedings. However, further allegations led to a fresh investigation and a second SCN. The second SCN alleged that the petitioner suppressed relevant facts from the Committee of Creditors (CoC), particularly regarding the eligibility of Mr. Sushant Chabbra as a Joint Resolution Applicant. Mr. Chabbra was a former director of the
…Sign in to view the parties.
CIRP of the Co…
Order passed by the IBBI's Disciplinary…
The case involves a petition filed by Vivek Raheja against the Insolvency and Bankruptcy Board of India (IBBI) challenging an order dated January 12, 2024, passed by the IBBI's Disciplinary Committee. The order found the petitioner, an Insolvency Professional, in contravention of the Insolvency and Bankruptcy Code, 2016, and its regulations. The allegations relate to the Corporate Insolvency Resolution Process (CIRP) of Trading Engineers (International) Limited. The petitioner's registration has been suspended for two years as a consequence of the impugned order.
Vivek Raheja, an Insolvency Professional, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) for the Corporate Insolvency Resolution Process (CIRP) of Trading Engineers (International) Limited. Complaints were filed by ex-employees of the Corporate Debtor, leading to the issuance of a Show Cause Notice (SCN) by the IBBI. The Disciplinary Committee of IBBI initially closed the proceedings. However, further allegations led to a fresh investigation and a second SCN. The second SCN alleged that the petitioner suppressed relevant facts from the Committee of Creditors (CoC), particularly regarding the eligibility of Mr. Sushant Chabbra as a Joint Resolution Applicant. Mr. Chabbra was a former director of the
…CIRP of the Co…
Order passed by the IBBI's Disciplinary…