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TMI Blog2018 (8) TMI 2039X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Insolvency and Bankruptcy Board of India (IBBI) to take action against the appellant as contemplated under the Regulations framed by it - HELD THAT:- In the present case, the committee of creditors have decided to continue the appellant as resolution professional and the said order has not been challenged by the appellant. On the other hand he is already functioning as the resolution profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution process and requested for his discharge. The Adjudicating Authority by the impugned order dated May 16/17, 2018 while rejected the plea taken by the interim resolution professional also imposed a cost of ₹ 50,000 and observed that the attitude of the appellant is unprofessional and directed the Insolvency and Bankruptcy Board of India (IBBI) to take action against the appellant as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and issue order of discharge in appropriate case for the reasons if mentioned by the resolution professional in his application is genuine. In absence of any proper ground shown by the appellant, the Adjudicating Authority refused to discharge the appellant. 4. The appointment and tenure of the interim resolution professional is prescribed under section 16 of the Insolvency and Bankruptcy Code. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ittee of creditors by majority voting as prescribed under the said provision, the committee of creditors may either resolve to appoint the interim resolution professional as resolution professional or to replace interim resolution professional by another resolution professional. Therefore, after completion of tenure of the interim resolution professional, if the committee of creditors resolve to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he matter to IBBI for initiating action against the appellant is uncalled for. For the reason aforesaid, we set aside the part of the impugned order by which the Adjudicating Authority (i) imposed cost on the appellant, (ii) passed strictures against him, and (iii) directed the IBBI to initiate disciplinary proceeding. The order passed by the Adjudicating Authority cannot be relied upon for future ..... X X X X Extracts X X X X X X X X Extracts X X X X
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