2025 (4) TMI 699 - SCH - IBC

Seeking permission to withdraw the additional affidavit sworn - HELD THAT - The power to suspend is bestowed by Regulation 23A of the Insolvency and Bankruptcy Board of India ( Model Bye-Laws And Governing Board of Insolvency Professional Agencies ) Regulations 2016 read with Section 140 of the Insolvency and Bankruptcy Code 2016. SLP disposed off.

Summary

In the Supreme Court case presided over by Chief Justice Sanjiv Khanna and Justice Sanjay Kumar, the petitioner appeared in person, while the respondents were represented by Ms. Amrita Singh and Mr. Ankit Gupta. The Court granted permission for the petitioner to argue personally and condoned any delay in proceedings. The petitioner was allowed to withdraw an additional affidavit dated 31.05.2024, which was deemed irrelevant to the primary issue concerning the judgment dated 22.01.2024.The Court concurred with the High Court's decision regarding the constitutional validity of certain provisions, specifically the authority to suspend under Regulation 23A of the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, in conjunction with Section 140 of the Insolvency and Bankruptcy Code, 2016. The Court found that these provisions do not infringe upon Articles 14, 19, or 21 of the Constitution of India. Consequently, the special leave petitions were disposed of, with the Court making no specific comments on the personal case of the petitioner. Any pending applications were also disposed of.