Renuka Devi Rangaswamy Vs State Bank of India (NCLAT Chennai)
NCLAT Chennai held that order not falling under Part II of the Insolvency and Bankruptcy Code, 2016 [IBC] is not appealable under section 61 of the IBC and accordingly appeal dismissed as not maintainable.
Facts- Resolution professional of Regen Powertech Private Limited (RPPL) & Regen Infrastructure And Services Private Limited has filed the present appeal. The basic argument of the Counsel for the appellant would be confined to the directives, which have been given by the Ld. Adjudicating Authority by referring the matter to the Insolvency and Bankruptcy Board of India, (IBBI) as against the present appellant for seeking an appropriate and necessary action.
Conclusion- Held that, as far as the specific mandate of the law, the appeal under Section 61 will not lie as against the order and the nature of the order, which is under challenge in the absence of the same being falling under Part II of the I & B Code, where reference of disciplinary action against the resolution professional is directed to be taken by the IBBI itself, since not being an order falling under Part II of the I & B Code, the same would not be appealable.
