Vivek Raheja Vs Insolvency And Bankruptcy Board of India (Delhi High Court)
Delhi High Court held that writ jurisdiction under Article 226 of the Constitution of India is not exercisable in absence of any perversity in the order passed by Insolvency and Bankruptcy Board of India. Accordingly, writ petition is dismissed.
Facts- The Appellant was appointed by the National Company Law Tribunal, New Delhi to act as the Resolution Professional of Trading Engineers (International) Limited on 04.07.2019. On 15.02.2021, the Resolution Plan vis-à-vis the Corporate Debtor was approved by the Committee of Creditors. The Respondent had issued a show cause notice to the Appellant on 21.10.2022, which was adjudicated by the Respondent vide order dated 17.02.2023 closing the First SCN by not issuing any directions to the Appellant.
On 20.07.2023, the Respondent issued another show cause notice, which was adjudicated by the Respondent vide the Order, wherein it was found that the Appellant had contravened the provisions of the Code and the Regulations made thereunder, because of ineligibility of Mr. Sushant Chhabra as a Joint Resolution Applicant along with M/s Conquerent Control Systems Pvt. Limited (“Conquerent”); Suppression of relevant facts from the CoC; discrepancy in examining financial capability of Mr. Sushant Chhabra; disposal of the assets of the Corporate Debtor without the approval of the CoC; and executing Lease Agreement with the Prospective Resolution Applicants with respect to assets of the Corporate Debtor without the approval of the CoC.
