9911796707
TMI Blog2024 (6) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... ide public announcements made on 17.09.2019, 27.09.2019, 21.10.2019 and 11.11.2019 is concerned, this Court vide Judgment dated 27.05.2024 has exonerated Mr. Sundaresh Bhat of the said charges. However, Mr. Sundaresh Bhat has been found guilty only of charge of paying excess fee to a support service called BDO Restructuring Advisory LLP. This Court has not interfered with the findings of the IBBI on this charge but has modified the order of suspension to the period undergone. Petition dismissed. - HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD For the Petitioner Through: Mr. Rakesh Kumar, Ms. Preeti Kashyap, Mr. Ankit Sharma, Mr. Varun Pandit and Mr. Yash Dhawan, Advocates. For the Respondents Through: Mr. Rakesh Kumar, CGSC for UoI. Mr. Vika ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor. Vide Order dated 25.04.2019, the NCLT Ahmedabad directed that the Corporate Debtor shall undergo liquidation under Section 33(2) of the IBC and the Respondent No. 4 was to act as a Liquidator to discharge duties under Section 35 of the IBC. c. It is stated that four public auction processes to dispose of the assets of the Corporate Debtor were conducted by the Respondent No. 4 but all failed. Thereafter the Respondent No. 4 filed an application bearing I.A No. 698/2020 before the NCLT, Ahmedabad seeking permission to dispose of the assets of the Corporate Debtor by way of private sale in terms of Regulation 33 (2 )(b) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Swiss Challenge Process to submit a bid against the Anchor Bid of the Petitioner herein. f. It is stated that Respondent No. 4 received an offer from Respondent No. 5 for the purchase of the assets of the Corporate Debtor and the land, including the civil structures and buildings for a sum of Rs. 627.5 crores and sought permission to inspect the assets of the Corporate Debtor. g. Respondent No. 5 filed an application being IA No. 445/2021 before the NCLT seeking directions to the Respondent No. 4 to consider and accept its offer for the consolidated assets of the Corporate Debtor. Vide Order dated 05.07.2021, the NCLT allowed Respondent No. 5 to inspect the assets of the Corporate Debtor. It is stated that pursuant to the site visit, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the IBBI to take appropriate steps against the Liquidator - Mr. Sundaresh Bhat and to come up with appropriate guidelines and due process for dealing with the actions of the Insolvency professionals who are suspended by the Disciplinary Committee of the IBBI. 3. Heard the Learned Counsels for the parties and perused the material on record. 4. As far as charge of contravention of prescribing non-refundable participation fee of Rs. 5,00,000/-, Rs. 10,00,000/-, Rs. 10,00,000/- and Rs. 50,000/- vide public announcements made on 17.09.2019, 27.09.2019, 21.10.2019 and 11.11.2019 is concerned, this Court vide Judgment dated 27.05.2024 has exonerated Mr. Sundaresh Bhat of the said charges. However, Mr. Sundaresh Bhat has been found guilty on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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