The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against an order dated February 5, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which quashed disciplinary proceedings initiated by the IBBI. The appeal arose from a situation where the Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Global Limited, with Mr. Rishi Prakash Vats appointed as the Resolution Professional. Delays in the CIRP led the Adjudicating Authority to observe a lackadaisical attitude and direct the matter to the IBBI. Subsequently, disciplinary proceedings were initiated against Mr. Vats, but the Adjudicating Authority later quashed these proceedings, leading to the IBBI's appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Global Limited, and Mr. Rishi Prakash Vats was appointed as the Resolution Professional. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, noted delays in the CIRP and observed a 'lackadaisical attitude'. The Adjudicating Authority directed the matter to the Insolvency and Bankruptcy Board of India (IBBI) for appropriate action, leading to the initiation of disciplinary proceedings against Mr. Vats. Subsequently, Mr. Vats provided an explanation to the Adjudicating Authority regarding the delays. The Adjudicating Authority then expunged its earlier observation and informed the IBBI. However, the Adjudicating Authority later quashed the disciplinary proceedings
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The Insolvency and Bankruptcy Board of India (IBBI) filed an appeal against an order dated February 5, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which quashed disciplinary proceedings initiated by the IBBI. The appeal arose from a situation where the Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Global Limited, with Mr. Rishi Prakash Vats appointed as the Resolution Professional. Delays in the CIRP led the Adjudicating Authority to observe a lackadaisical attitude and direct the matter to the IBBI. Subsequently, disciplinary proceedings were initiated against Mr. Vats, but the Adjudicating Authority later quashed these proceedings, leading to the IBBI's appeal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Rana Global Limited, and Mr. Rishi Prakash Vats was appointed as the Resolution Professional. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, noted delays in the CIRP and observed a 'lackadaisical attitude'. The Adjudicating Authority directed the matter to the Insolvency and Bankruptcy Board of India (IBBI) for appropriate action, leading to the initiation of disciplinary proceedings against Mr. Vats. Subsequently, Mr. Vats provided an explanation to the Adjudicating Authority regarding the delays. The Adjudicating Authority then expunged its earlier observation and informed the IBBI. However, the Adjudicating Authority later quashed the disciplinary proceedings
…The petition f…
The Adjudicating Authority (National Company…
Sign in to view related legal provisions.