Jitender Kumar Jain Vs Union of India (Bombay High Court)
Summary: The Bombay High Court considered a writ petition filed by Jitender Kumar Jain challenging the order dated 18th December 2024 passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India, by which the petitioner’s authorization for assignment was suspended for three months. The petitioner informed the Court that, notwithstanding the various challenges raised to the disciplinary order, he had tendered his resignation on 26th December 2024.
Paragraph 3.5 of the impugned order required the Committee of Creditors / Stakeholders Consultation Committee of the Corporate Debtor to decide whether the petitioner should continue with his existing assignment. Pursuant to that direction, discussions were held with the lenders on 7th January 2025. Representatives of the State Bank of India, Bank of Baroda and Edelweiss Asset Reconstruction Company Ltd. together resolved that the petitioner could be requested to withdraw the resignation tendered by him.
The petitioner accordingly withdrew his resignation on 10th January 2025 and was thereafter permitted to continue as Liquidator of the Corporate Debtor. The High Court issued notice to the respondents, returnable on 24th February 2025, and permitted service by all modes. In the meanwhile, and expressly without prejudice to the rights and contentions of the respondents, the Court permitted the petitioner to continue his assignment as Liquidator of the Corporate Debtor in terms of the Minutes recorded on 16th January 2025. The parties were directed to act on an authenticated copy of the order.
FULL TEXT OF THE JUDGMENT/ORDER OF BOMBAY HIGH COURT
1. The challenge raised in this writ petition is to the order dated 18th December 2024 passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India By the said order, the authorization for assignment of the petitioner has been suspended for a period of three months.
2. It is submitted by the learned Senior Advocate for the petitioner that notwithstanding the various challenges raised, the petitioner tendered his resignation on 26th December 2024. Pursuant to the directions contained in paragraph 3.5 of the impugned order, the Committee of Creditors / Stakeholders Consultation Committee of the Corporate Debtor were required to decide about the continuation of the existing assignment of the petitioner. In terms thereof, a discussion with the lenders was held on 7th January 2025 wherein the representatives of the State Bank of India, Bank of Baroda and Edelweiss Asset Reconstruction Company Ltd. together resolved that the petitioner could be requested to withdraw his resignation that he has tendered on 26th December 2024. Pursuant thereto, the petitioner withdrew his resignation on 10th January 2025 and thereafter he has been permitted to continue as Liquidator of the Corporate Debtor.
3. Issue notice to the respondents, returnable on 24th February 2025. Service by all modes is permitted.
4. In the meanwhile and without prejudice to the rights and contentions of the respondents, the petitioner is permitted to continue his assignment as Liquidator of the Corporate Debtor in terms of the Minutes recorded on 16th January 2025.
5. Parties to act on authenticated copy of this order.
