Case Law Details
Sundaresh Bhat Vs Insolvency And Bankruptcy Board of India (Delhi High Court)
The case of Sundaresh Bhat vs. Insolvency and Bankruptcy Board of India (IBBI) revolves around disciplinary proceedings initiated by IBBI against Sundaresh Bhat, who served as the Liquidator for ABG Shipyard Limited during its insolvency proceedings. The IBBI’s Disciplinary Committee issued an order on 28.09.2022 suspending Sundaresh Bhat’s registration as a professional for a period of two years based on allegations of misconduct during his tenure as the Liquidator.
Background
ABG Shipyard Limited, a shipbuilding company, entered into insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) following an application by ICICI Bank. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and subsequently as the Liquidator by the National Company Law Tribunal (NCLT), Ahmedabad.
Allegations and Proceedings
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