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TMI Blog2024 (8) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the first respondent, thereby confirming the order dated 01.12.2020, passed by the second respondent, thereby found the petitioner guilty and imposed fine of Rs.10,000/-. The writ petition in W.P.No.4463 of 2021 has been filed for direction directing the respondents to pay compensation of Rupees one crore to the petitioner. 2. The petitioner was appointed as Liquidator of the corporate debtor namely Jeypore Sugar Company Limited on 29.05.2020. Therefore, the petitioner submitted written consent in Form AA, as per the requirements of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 (hereinafter referred to as "IBBI Regulations") before the National Company Law Tribunal, Bench- II, Chennai, thus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 17.12.2020. Aggrieved by the same and also for seeking compensation, the petitioner filed the present writ petitions. 4. Heard the learned counsel appearing on either side and perused the material placed before this Court. 5. On perusal of records revealed that, the third respondent filed application before the Tribunal seeking removal of the petitioner as Liquidator on account of his incomplete qualifications. On hearing both sides, the petitioner was removed as Liquidator by an order dated 01.07.2022, as per Section 16 of the General Clauses Act, 1897 with aid from Section 276 of the Companies Act, 2013. Aggrieved by the order passed by the Tribunal, the petitioner also filed an appeal before the Appellate Tribunal in Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IBBI, whereas the grant of or cancellation of membership and the issuance, renewal and cancellation of an AFA are within the domain of the IPA, which functions under the supervisory control of the IBBI. Indeed, we note that paragraph 4.4.3 of the BLRC Report recommended such a two-tiered regulatory structure. Hence, we conclude that the challenge on this basis is untenable." 8. In view of the above, this Court finds no infirmity or illegality in the orders passed by the respondents 1 & 2 and the prayer sought for in the writ petition in W.P.No.4458 of 2021 is devoid of merit and liable to be dismissed. In view of the above order, another writ petition in W.P.No.4463 of 2021 sought for compensation is also liable to be dismissed. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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