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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
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 Kamachi Industries Limited (Corporate Debtor). By the same order, the petitioner was appointed as the Interim Resolution Professional (IRP) to conduct the CIRP.
3. It is submitted that the said engagement was agreed at a consolidated fee of Rs. 7.42 lakhs, comprising IRP fees of Rs. 1.65 lakhs and support service fees of Rs. 5.77 lakhs.
4. It is submitted that on 05.05.2020, the first meeting of the Committee of Creditors (CoC) of t
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....
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.
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.
The court's decision emphasizes the importance of conducting disciplinary proceedings in accordance with the applicable regulations and considering the petitioner's long tenure before imposing the pu....
Disciplinary proceedings must observe due process and require substantial evidence; merely procedural lapses do not constitute misconduct.
The final decision on the action against the petitioner is appealable to the Authority under Section 22G, and the court provided interim protection for the petitioner to approach the Appellate Author....
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