Chairperson of Insolvency and Bankruptcy Board of India (IBBI) is a separate and distinct category from a Whole-Time Member and a Disciplinary Order passed by the Chairperson against Insolvency Professional is without jurisdiction – Poonam Basak Vs. Union of India & Ors. – Bombay High Court
This Writ Petition is filed challenging an Order passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (IBBI). The impugned order was not passed by any Whole Time Member but passed by the Chairperson of IBBI.
The Petitioner submitted that the members of the Disciplinary Committee shall consist of Whole Time Members of the IBBI only.
Hon’ble High Court referred the Section 189 of the IBC and held that the ‘Chairperson’ is a separate and distinct category from a ‘Whole-Time Member’ and the Order impugned in the present Petition was passed by an Authority which lacked jurisdiction.