Ms. Deepa Krishan

IBBI has recommended a panel of Insolvency Professionals for appointment of Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay and the unnecessary time wasted firstly in asking the IBBI to recommend the name and then to appoint such Interim Resolution Professional by the Adjudicating Authority – Innovsource Private Limited  Vs. Getit Grocery Private Ltd. – NCLT Principal Bench

/ 2 minutes of reading

An application was filed under section 9 of the Code. It did not propose the name of any Insolvency Professional to act as Interim Resolution Professional in application filed under section 9 of the Code. While admitting the application, the Adjudicating Authority held that the Insolvency and Bankruptcy Board of India vide its letter dated 01.01.2018 has recommended a panel of Insolvency Professionals for appointment of Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay. The list of recommended Insolvency Professionals provides instant solution to the Adjudicating Authority to pick up the name and make appointment. It helps in meeting the time line given in the Code and the unnecessary time wasted firstly in asking the Insolvency and Bankruptcy Board of India to recommend the name and then to appoint such Interim Resolution Professional by the Adjudicating Authority.

IBBI has recommended a panel of Insolvency Professionals for appointment of Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay and the unnecessary time wasted firstly in asking the IBBI to recommend the name and then to appoint such Interim Resolution Professional by the Adjudicating Authority – Innovsource Private Limited  Vs. Getit Grocery Private Ltd. – NCLT Principal Bench Read Post »

A complaint by the former director with the SHO, Police Station against Resolution Professional would not be maintainable and competent as the complaint is not lodged by the IBBI. The jurisdiction would vest with Investigation Officer only when a complaint is filed by IBBI – M/s Alchemist Asset Reconstruction Co. Ltd Vs. M/s Hotel Gaudavan Pvt. Ltd. – NCLT Mumbai Bench

/ 2 minutes of reading

NCLT held that if, there is any complaint against the Insolvency Professional then the IBBI is competent to constitute a disciplinary committee and have the same investigated from an Investigating Authority as per the provision of section 220 of the Code. If, after investigation IBBI finds that a criminal case has been made out against the Insolvency Resolution Professional then the IBBI has to file a complaint in respect of the offences committed by him. It is with the aforesaid object that protection to action taken by the IRP in good faith has been accorded by section 233 of the Code. There is also complete bar of trial of offences in the absence of filing of a complaint by the IBBI as is evident from a perusal of section 236(1)(2) of the code. Therefore, a complaint by the former director with the SHO, Police Station would not be maintainable and competent as the complaint is not lodged by the IBBI. The jurisdiction would vest with Investigation Officer only when a complaint is filed by IBBI.

A complaint by the former director with the SHO, Police Station against Resolution Professional would not be maintainable and competent as the complaint is not lodged by the IBBI. The jurisdiction would vest with Investigation Officer only when a complaint is filed by IBBI – M/s Alchemist Asset Reconstruction Co. Ltd Vs. M/s Hotel Gaudavan Pvt. Ltd. – NCLT Mumbai Bench Read Post »

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