Case Law Details
Sunilkumar Agarwal Vs IBBI (Gujarat High Court)
HC held that Prima facie, having read the provisions of Sec.12 (2) of the I.B.C and the contents of the order under challenge which extensively quoted the observations of the adjudicating authority, it is evident that there cannot be any negligence attributed to the petitioner who was to follow the provisions of Sub-sec.2 of Sec.12 of I.B.C.
FULL TEXT OF THE JUDGMENT/ORDER OF GUJARAT HIGH COURT
1 Heard Mr.Percy Kavina, learned Senior Counsel with Mr.Vishal Dave, learned advocate with Mr.Nipun Singhvi, learned counsel for the petitioner.
2 Challenge in this petition is to the order dated 21.11.2022 passed by the Insolvency & Bankruptcy Board of India (Disciplinary Committee). The petitioner, in his capacity as an Interim Resolution Professional, in the process of corporate insolvency resolution on Brain Master’s Classes Private Limited and Eagle Corporation Private Limited was issued certain show cause notices for failing to discharge his duties. The Disciplinary Committee has found the petitioner of having committed a lapse in the conduct of C.I.R.P in the matter of Brain Master’s Classes Private Limited. According to the Board, it was incumbent upon the petitioner to have filed a necessary application either for approving the resolution plan or the liquidation of the corporate letter to Brain Master’s Classes Private Limited. In the opinion of the Board, in accordance with Sec.12 of the I.B.C, the CIRP has to be completed within a period of 180 days from the date of admission of the application to initiate such process. Since the period for the process in the case of Brain Master’s Classes Private Limited expired on 10.03.2020, in the opinion of the Board, the petitioner should have filed a necessary application for extension of approving the resolution or liquidation which he did not.
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