Sandeep Kumar Bhatt Vs Insolvency & Bankruptcy Board Of India & Ors (Delhi High Court)
Delhi High Court held that suspension of resolution professional for two years from taking any assignment as IRP is reduced since conclusions were based on erroneous figures. Accordingly, writ disposed of.
Facts- The appellant got registered with the respondent no.1/Insolvency and Bankruptcy Board of India as the Insolvency Professional on 02.06.2017. On 03.08.2017, the National Company Law Tribunal admitted an application u/s. 9 of the Insolvency & Bankruptcy Code, 2016 filed by PR International initiating Corporate Insolvency Resolution Process against GTHS Retails Pvt. Ltd (Corporate Debtor).
The appellant was appointed as an Interim Resolution Professional and vide order dated 20.12.2017, the Adjudicating Authority confirmed and appointed the appellant as the Resolution Professional. On 25.04.2023, a notice of investigation under Regulation 8(1) of the Insolvency & Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 was issued to the appellant. In the said notice, the appellant was asked to reply/clarify on the doubts raised by the Adjudicating Authority in order dated 15.07.2022 with supportive documents within 10 days. The appellant replied to the investigation notice stating that it was the liquidator who had reported the wrong liquidation value by filing the application for dissolution.
