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G. S. PATEL, S. G. DIGE
Vishwanatha Sridhar Prabhu – Appellant
Versus
Union of India – Respondent
JUDGMENT/ORDER
1. The vakalatnama of Insolvency and Bankruptcy Board of India ("IBBI") the 2nd Respondent is filed. There is an Affidavit in Reply. It takes the limited point that there is an appellate remedy that is available to the Petitioner.
2. That may be so, but the existence of the appellate remedy is not always, or in every situation, an absolute bar to the exercise of equitable and discretionary writ jurisdiction under Article 226 of the Constitution of India. This is inter alia evident from a recent decision of the Supreme Court in Radhakrishna Industries vs State of Himachal Pradesh & Ors., Civil Appeal No.8969/2022 decided on 5/1/2023.
In particular, paragraph 27 makes this position clear. There are well known exceptions to the rule that an alternate remedy must first be exhausted. An express finding is that the existence of an alternate remedy does not per se divest a High Court of its powers under Article 226 of the Constitution of India in an appropriate case although ordinarily a writ Court would not entertain a writ petition where there exists an efficacious alternate remedy. While the rule of exhaustion of a statutory alternate remedy is a rule of policy and conveni
Resolution Professionals must ensure strict compliance with the Insolvency and Bankruptcy Code, as failure to do so justifies suspension of their registration.
Point of Law- In so far as insolvency resolution of Corporate Debtors and personal guarantors are concerned, any order passed by the NCLT is appealable to NCLAT under Section 61 of the IBC, 2016 and ....
The main legal point established in the judgment is the jurisdiction of the Insolvency and Bankruptcy Board of India (IBBI) to initiate disciplinary action under the Insolvency and Bankruptcy Code, 2....
The availability of an alternative remedy does not bar the filing of a petition under Article 226 of the Constitution of India, especially in cases involving a violation of the principle of natural j....
The cancellation decision was within the authority of the RBI, and the petitioner's admission of guilt and the opportunity of a personal hearing satisfied the principles of natural justice.
The main legal point established in the judgment is that Regulation 23A and Section 204 (a) (b) (c) (d) and (e) of the Insolvency and Bankruptcy Code, 2016, were found to be constitutional and not vi....
The court emphasized that disciplinary penalties must be proportionate to the misconduct and factors such as prior penalties and delays in proceedings must be considered.
Properties acquired before the commission of an alleged offence cannot be attached under the Prevention of Money Laundering Act, and due process must be followed in such proceedings.
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