# In the matter of V. Venkata Sivakumar vs. Insolvency and Bankruptcy Board of India

> SC judgment dated 2025-04-01. Citation: TCN-2025-SC-00033. The case arises out of an impugned final judgment and order dated 22-01-2024 in WP Nos. 16650/2020…

- **Court:** SC
- **Order date:** 1 Apr 2025
- **Citation:** TCN-2025-SC-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/v-venkata-sivakumar-vs-insolvency-and-bankruptcy-board-of-india-1e534c3a

## Summary

### Background

The case arises out of an impugned final judgment and order dated 22-01-2024 in WP Nos. 16650/2020 and 14448/2021 and WMP No. 24548/2020 passed by the High Court of Judicature at Madras. The petitioner sought special leave to appeal this judgment. The petitioner also filed applications for condonation of delay and permission to file additional documents.

## Facts

C.A. V. Venkata Sivakumar filed a Special Leave Petition (Civil) against the Insolvency and Bankruptcy Board of India (IBBI). The petition arose from a final judgment and order of the High Court of Judicature at Madras dated 22-01-2024. The petitioner filed applications for condonation of delay in filing and refiling, permission to appear and argue in person, and permission to file additional documents. The petitioner sought to withdraw an additional affidavit sworn on 31.05.2024, which the court permitted. The court considered the constitutional validity of Regulation 23A of the IBBI regulations, read with Section 140 of the Insolvency and Bankruptcy Code, 2016, concerning the power to suspend Resolution Professionals. The court agreed with the High Court's view on

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## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the additional affidavit sworn on …

**Ratio:** A party may be permitted to withdraw an affidavit if it is deemed appropriate by the

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**Reasoning:** The court found the additional affidavit to be unconnected with the issue raised and

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**Interpretation:** The court has the discretion to allow the withdrawal of an affidavit if it does

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**Application:** The court allowed the petitioner to withdraw the affidavit sworn on 31.05.2024,

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## Parties

- **Judges:** THE CHIEF J…; Sanjay…
- **Appellants:** CA V.Venkata…
- **Respondents:** Insolvency and…
- **Other parties:** Affir…

## Timeline

- **2024-01-22 — High Court…**: Final judgment and order passed by the High Court of Judicature at Madras in WP Nos.…
- **2024-02-20 — Review Applicat…**: Order passed in the review application dealing with empanelment and de-empanelment,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 140 — Disqualification of bankrupt](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-140)

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