2024 (11) TMI 484 - SCH - IBC

Suspension of AFA pending adjudication of the show cause notices - Restoration of Authorization for Assignment -validity of Clause 23A provided in the Schedule to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 - Clause 23A of the Bye-Laws of ICSI Institute of Insolvency Professionals - It was held by High Court that 'The suspension of the petitioner s AFA is legal as it is the consequence of initiation of disciplinary proceedings against him. The same is duly provided by Clause 23A of the 2016 Regulations and the Bye-Laws in that regard. ' HELD THAT - It is not required to issue notice in the present special leave petition and, hence, the same is dismissed.

Summary

The Supreme Court dismissed the special leave petition due to peculiar facts of the case. Pending applications were disposed of. Justices Sanjiv Khanna and Sanjay Kumar presided over the case. Petitioner represented by Mr. Pratik Sarkar and Mr. Ashutosh Kumar Mishra. Respondent represented by Ms. Amrita Singh and Mr. Ankit Gupta.