Registration of registered valuer cannot be suspended by IBBI merely because criminal proceeding is initiated

Vishwanatha Sridhar Prabhu Vs Union of India through GP & Anr (Bombay High Court) Bombay High Court held that Insolvency and Bankruptcy Board of India (IBBI) suspending registration of registered valuer merely because criminal proceeding is initiated against the valuer is untenable in law. Facts- The Petitioner is a Chartered Accountant. He is highly qualified with a Doctorate, an LLB, and a BBM. He is government registered valuer under Section 34AB of the Wealth Tax Act 1957 for the purposes of the Wealth Tax Act, Income Tax Act and Gift Tax Act specifically for stocks, shares, debentures...