Jitender Kumar Jain Vs Union of India (Bombay High Court)
Summary: The Bombay High Court considered a writ petition filed by Jitender Kumar Jain challenging the order dated 18th December 2024 passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India, by which the petitioner’s authorization for assignment was suspended for three months. The petitioner informed the Court that, notwithstanding the various challenges raised to the disciplinary order, he had tendered his resignation on 26th December 2024.
Paragraph 3.5 of the impugned order required the Committee of Creditors / Stakeholders Consultation Committee of the Corporate Debtor to decide whether the petitioner should continue with his existing assignment. Pursuant to that direction, discussions were held with the lenders on 7th January 2025. Representatives of the State Bank of India, Bank of Baroda and Edelweiss Asset Reconstruction Company Ltd. together resolved that the petitioner could be requested to withdraw the resignation tendered by him.
The petitioner accordingly withdrew his resignation on 10th January 2025 and was thereafter permitted to continue as Liquidator of the Corporate Debtor. The High Court issued notice to the respondents, returnable on 24th February 2025, and permitted service by all modes. In the meanwhile, and expressly without prejudice to the rights and contentions of the respondents, the Court permitted the petitioner to continue his assignment as Liquidator of the Corporate Debtor in terms of the Minutes recorded on 16th January 2025. The parties were directed to act on an authenticated copy of the order.
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