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IBBI comprises of experts is the authority to regulate the functioning of Insolvency Professionals, Courts do not sit as an Appellate Authority over the decisions taken by the experts – Abba Consultants Pvt. Ltd. Vs. Insolvency and Bankruptcy Board of India & Ors. – Delhi High Court

Hon’ble High Court held that:
(i) Board is the authority to regulate the functioning of the Insolvency Professionals and the Board comprises of experts in the field who have been appointed by the Central Government to carry out the functions specified under Part IV of the IBC. It is well settled that Courts do not sit as an Appellate Authority over the decisions taken by the experts.
(ii) The Court does not find that the decision making process adopted by the Board or the decision based on the final report is perverse or is contrary to law or against public interest, which would warrant interference from this Court under Article 226 of the Constitution of India.
(iii) If the process adopted in the enquiry is fair, reasonable and transparent then the Writ Court does not interfere with the findings to substitute its own conclusion to the one arrived at by the authority simply because another view is possible.

IBBI comprises of experts is the authority to regulate the functioning of Insolvency Professionals, Courts do not sit as an Appellate Authority over the decisions taken by the experts – Abba Consultants Pvt. Ltd. Vs. Insolvency and Bankruptcy Board of India & Ors. – Delhi High Court Read Post »

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