JUDGMENT

Somasekhar Sundaresan, J. - Rule. By consent, rule is made returnable forthwith, and the Writ Petition is taken up for final hearing and disposal.

Factual Matrix:

2. The challenge in this Writ Petition is to a Circular dated 28 th September, 2023 ('Impugned Circular'), issued by Respondent No. 1, the Insolvency and Bankruptcy Board of India ('IBBI'), purporting to clarify the usage of certain terms contained in Regulation 4(2)(b) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (' LP Regulations'). The challenge is primarily on the ground that in the garb of clarifying certain terms contained in Regulation 4(2)(b), the IBBI has effectively, by a back-door method, amended the LP Regulations by stipulating new substantial requirements, and that too, with retrospective effect. Put differently, it is alleged that the Impugned Circular is ultra vires the LP Regulations, which it purports to clarify, and that far from being clarificatory, it is an instrument that illegally amends the LP Regulations.

3. The Petitioner is a Chartered Accountant by profession and is registered as an 'Insolvency Professional' ('IP') with the IBBI. In his capacity a