High Court sets aside IBBI Disciplinary Committee’s order and remanded back the matter on the ground that Show Cause Notice issued to Insolvency Professional does not contain the extracts of relevant portions from Investigation Report – Savan Godiawala Vs. Insolvency and Bankruptcy Board of India – Delhi High Court
In this case, the Show Cause Notice issued to Insolvency Professional does not contain the extracts of relevant portions from the report of investigation and admittedly, the report of inspection was also not given to the Petitioner.
Hon’ble Delhi High Court set aside the impugned order of IBBI and remanded back the matter to IBBI. The Court has also made clear that this Court has not made any observations as to whether Regulation 12(5) of the 2017 Regulations is directory or mandatory and the said question is left open to be decided later in an appropriate case and all contentions are left open.
