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IN THE HIGH COURT OF DELHI AT NEW DELHI
SACHIN DATTA
Vikas Prakash Gupta – Appellant
Versus
Insolvency And Bankruptcy Board Of India – Respondent
| Table of Content |
|---|
| 1. petitioner's suspension details. (Para 1 , 2 , 3 , 4 , 5 , 6) |
| 2. complaint and reply process. (Para 7 , 8 , 9 , 10 , 11 , 12) |
| 3. arguments of both parties. (Para 15 , 16) |
| 4. scope of judicial review in disciplinary actions. (Para 17 , 18 , 19 , 20) |
| 5. analysis of penalty imposed. (Para 21 , 22 , 24) |
| 6. consequences of delay in proceedings. (Para 26 , 27 , 28 , 29) |
| 7. reduction of penalty and conclusion. (Para 30 , 31) |
JUDGMENT :
SACHIN DATTA, J.
1. The petitioner has filed the present petition, assailing the Order dated 25.04.2025 passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (respondent no.1) in IBBI/DC/284/2025, whereby the registration of the petitioner, a registered Insolvency Professional bearing Registration No. IBBI/IPA-001/IPP00501/2017-2018/10889, has been suspended for a period of one year.
2. The background of the matter is that National Company Law Tribunal, Chennai Bench (Adjudicating Authority), vide Order dated 19.02.2020, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) filed by State Bank of India for initiation of the Corporate Insolvency Resolution Process (CIRP) of
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 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....
Professional fees for an interim resolution professional are not automatic but contingent upon the actual discharge of statutory functions. During periods where judicial stay orders restrict the inso....
The court affirmed that the IBBI's issuance of show cause notices and the suspension of the Authorization for Assignment were valid under the Insolvency and Bankruptcy Code, 2016 and its regulations.
The referral of a Resolution Professional for disciplinary action to the IBBI does not equate to a conclusive finding of misconduct, rendering the appeal not maintainable.
A Disciplinary Committee under Section 220 of the Insolvency and Bankruptcy Code can be constituted with a single whole-time member without violating statutory provisions.
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