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2022 (12) TMI 1111 - HC - Insolvency and BankruptcySeeking early disposal of the complaints - case of the Petitioner is that it is one of the financial creditors of M/s Piyush IT Solutions Pvt. Ltd. and Respondent No.3 is the Resolution Professional (RP) appointed by the NCLT - non-adjudication of complaints dated 14th January, 2022 and 17 th January, 2022 filed by the Petitioner - HELD THAT - Since the complaints are approximately 10 to 11 months old, the IBBI shall now take a decision on the same and communicate the same to the Petitioner within a period of one month from today. Considering the fact that the said application is also pending before the NCLT, the IBBI shall place its decision before the NCLT as well, for consideration. Petition disposed off.
Issues:
1. Early disposal of complaints against Respondent Nos. 3 and 4 to IBBI. 2. Alleged irregularities by Respondent Nos. 3 & 4. 3. Non-adjudication of complaints by IBBI within specified time limits. 4. Application by Petitioner before NCLT against RP and Respondent No. 4. 5. Decision by IBBI to be placed before NCLT. 6. Examination of merits of allegations in complaints. 7. Remedies available to Petitioner in accordance with law. Analysis: 1. The Petitioner sought early disposal of complaints made against Respondent Nos. 3 and 4 to the Insolvency and Bankruptcy Board of India (IBBI). The Petitioner claimed to be a financial creditor of a company undergoing insolvency proceedings and alleged irregularities by the Respondents, prompting the complaints. 2. The Petitioner highlighted that despite filing complaints in January 2022, the IBBI had not taken any decision on the matter, contravening the time limits specified in the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017. The Court noted the specific time periods set for complaint disposal under Regulation 7. 3. The IBBI assured to consider the matter and make a decision in accordance with the law. Respondent Nos. 3 and 4 mentioned a similar application by the Petitioner before the National Company Law Tribunal (NCLT) regarding grievances against them, emphasizing the parallel legal actions. 4. The Court directed the IBBI to decide on the complaints within one month due to their age and instructed that the decision be communicated to the Petitioner. Additionally, the IBBI was instructed to present its decision before the NCLT, considering the pending application filed by the Petitioner against the Resolution Professional and Respondent No. 4. 5. It was clarified that the Court did not assess the merits of the allegations in the complaints. The judgment left open any remedies available to the Petitioner concerning the decision of the IBBI, to be pursued in accordance with the law. 6. Ultimately, the petition, along with all pending applications, was disposed of by the Court, concluding the legal proceedings related to the early disposal of complaints and the actions taken by the IBBI and the NCLT in response to the Petitioner's grievances.
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