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SUBRAMONIUM PRASAD
Abba Consultants Private Limited – Appellant
Versus
Insolvency And Bankruptcy Board of India – Respondent
JUDGMENT
Subramonium Prasad, J. - The Petitioner has approached this Court seeking a writ of mandamus directing the Respondent No.1 herein (hereinafter referred to as 'the Board') to take action against Respondent No.3 (now Respondent No.2) for misconduct in his performance as an Insolvency Resolution Professional in the matter of M/s Sandhya Prakash Limited (hereinafter referred to as the Corporate Debtor). The Petitioner has also prayed for an appropriate writ/order/direction restraining Respondent No.3 (now Respondent No.2) from functioning as a Liquidator of the Corporate Debtor during the pendency of this Writ Petition.
2. It is pertinent to mention here that though initially Union of India was arrayed as Respondent No.2 and the Resolution Professional, against whom the present proceedings have been initiated, was arrayed as Respondent No.3, later on Union of India was dropped from the array of parties and the Resolution Professional has now been arrayed as Respondent No.2.
3. The facts, in brief, leading to the present Writ Petition are as under:
a. It is stated that the National Company Law Tribunal (hereinafter referred to as the NCLT) at Ahmadabad initiated Corporate Insolvenc
The Court does not interfere with the findings of a fact-finding body if the process adopted in the enquiry is fair, reasonable, and transparent.
Resolution Professionals must ensure strict compliance with the Insolvency and Bankruptcy Code, as failure to do so justifies suspension of their registration.
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.
The power of judicial review is a basic feature of the Constitution of India. It is for the executive to administer law and the function of the judiciary is to ensure that the Government carries out ....
The court upheld the suspension of a Resolution Professional for one year due to lack of due diligence and failure to communicate claims, affirming the Disciplinary Committee's authority under the In....
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 affirmed the authority of the Committee of Creditors to appoint a Resolution Professional, stating that dual roles do not inherently present a conflict of interest without substantial evide....
The Tribunal found no conflict of interest in the concurrent appointment of a Resolution Professional for related corporate debtors, affirming the Committee of Creditors' decision to retain the RP ba....
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