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PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH
LISA GILL, AMARJOT BHATTI
Sarish Mittal – Appellant
Versus
National Company Law Tribunal – Respondent
JUDGMENT :
Lisa Gill, J.
1. CWP Nos. 19562 of 2022 and 8750 of 2023 filed by the same petitioners were taken up together for hearing and adjudication at request and with consent of learned counsel for parties.
2. Prayer in CWP-19562 of 2022 reads as under:-
'Civil Writ Petition seeking directions that the respondent No. 1 (NCLT), prior to considering/deciding the IA No. 914 of 2020 i.e. application filed for approving the Resolution Plan filed by the respondent No. 2 and pending before the Respondent No. 1 for 02.09.2022, take up and decide:
i. IA Nos. 266/2020, 462/2020 & 466/2020, (Annexure P-4,5,6 filed in July, 2020) seeking removal of the Respondent No. 2 as a Resolution professional, for which liberty was granted to the petitioner to take appropriate steps, once the IBBI decides his complaint made against the respondent-RP in terms of the order dated 27.07.2021 is Annexure P-7.
ii. And IA 892/2022 (Annexure P-18)seeking decision of IA Nos. 266/2020, 462/2020 & 466/2020, (and consequently the said IAs also) disposed of in terms of the order dated 27.07.2021 (Annexure P- 7), filed by the petitioner and pending before the Respondent No. 1 for 2.9.22.
iii. And IA 890/2-22 (Annexure P-20
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 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 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....
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....
Adjudicating Authority cannot reject CoC's RP replacement under Section 27 IBC and appoint its own if 66% vote, consent obtained, and no disciplinary proceedings exist; limited to forwarding name to ....
Resolution Professionals must ensure strict compliance with the Insolvency and Bankruptcy Code, as failure to do so justifies suspension of their registration.
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