Circular allowing creditor to recommend Resolution Professional doesn’t violate provisions of IBC

Ashwani Kumar Bhatia Vs Union of India (Madras High Court) Madras High Court held that circular dated 21.12.2023 allowing creditor to recommend a Resolution Professional for appointment is neither ultra vires nor violative of provisions of the Insolvency and Bankruptcy Code [IBC]. Accordingly, writ petition dismissed. Facts- These Writ Petitions are filed seeking a Writ of Declaration to annul the impugned circular, dated 21.12.2023, issued by the Insolvency and Bankruptcy Board of India (IBBI), the second respondent herein, on the grounds that it is ultra vires and violative of the provisions...