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TMI Blog2019 (8) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority cannot quash the proceeding, even if proceeding is initiated at the instance and recommendation made by the Adjudicating Authority/ National Company Law Tribunal. We set aside the last portion of the impugned order dated 5th February, 2019 relating to quashing of all disciplinary proceedings - The matter is remitted to the IBBI to pass appropriate order taking into consideration the reference of initiation of proceeding by the Adjudicating Authority as made on 26th April, 2018 and later acceptance of explanation - appeal disposed off. - Company Appeal (AT) (Insolvency) No. 324 of 2019 - - - Dated:- 11-7-2019 - Mr S. J. Mukhopadhaya, Chairperson, Mr A. I. S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Limited ( Corporate Debtor ), in which Mr. Rishi Prakash Vats (1st Respondent) was appointed as a Resolution Professional . For certain reason, Corporate Insolvency Resolution Process was delayed and the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench passed order dated 26th April, 2018, which reads as follows: - The matter had been listed on 25th April, 2018 for report of the RP. The petition filed by the PNB had been admitted vide an order dated 23rd March, 2018. The IRP has taken no steps till date merely because of a typographical error in his name as Shri Rishi Prakash Vats has been typed out as Shri Rishi Kumar Vats. However, it is not denied that address namely, Suit no.1, 19, P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nge of the earlier order made by the Adjudicating Authority on 26th April, 2018 may be a good ground to close the proceeding, but the Adjudicating Authority/ National Company Law Tribunal cannot quash the proceeding initiated by the IBBI. 7. For the reasons aforesaid, we set aside the last portion of the impugned order dated 5th February, 2019 relating to quashing of all disciplinary proceedings. The matter is remitted to the IBBI to pass appropriate order taking into consideration the reference of initiation of proceeding by the Adjudicating Authority as made on 26th April, 2018 and later acceptance of explanation. The Resolution Professional has already been expunged and it is expected that an order of closure will be pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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