9911796707
TMI Blog2024 (11) TMI 929X X X X Extracts X X X X X X X X Extracts X X X X ..... stice - HELD THAT:- The appellate proceedings under Section 61, of I B Code cannot be resorted to by the Liquidator, for the purposes of the challenging direction issued to the IBBI to enquire into the conduct of the appellant regards his functioning as a liquidator, because that will be absolutely an in-house proceeding of the registering body of the liquidator to justify as to whether at all, the based on the set of allegations, if proved, he is required to continue as a Liquidator or not. In fact, at this stage, there is nothing apparently adverse against the Appellant, which could call for invocation of an Appellate Jurisdiction particularly when it is only an enquiry and upon which the decision on the same is yet to be taken. As of now ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he liquidator can be said to be unjustified! and whether the remarks made for taking necessary decision of the case is at all an integral part of the proceedings were, justified. As far as, the observations which has been made in Para 30(vii), it is the exclusive prerogative of the Ld. Adjudicating Authority when it apparently finds that there had been an anomaly with regards to, the functioning of the appellant as a liquidator which makes the proceedings to be non-transparent. The Ld. Adjudicating Authority does have the power to refer the matter to the IBBI, for conducting an enquiry and particularly in the context of the irregularities as observed in para.30 of the judgment which is extracted here under: - On perusal of the facts placed, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial creditor in loop for the proceedings held on 25.09.2020. vii. The entire episode smacks of wrongdoings and malafide on the conduct of the Liquidator in conducting the two auctions on 23.09.2020 and 25.09.2020. If the logic assigned in para 30, as extracted above are taken into consideration, the anomaly which were found in conducting the eauction proceedings appear malicious on the face of it for which, direction to conduct the inspection/enquiry cannot be said to be apparently faulted, particularly, when the said enquiry takes a shape of being only a fact-finding enquiry. The appellate proceedings under Section 61, of I B Code cannot be resorted to by the Liquidator, for the purposes of the challenging direction issued to the IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Board with a direction to the Board to supply a copy of the Final Inspection Report to the Petitioner. Applying the said Order dated 11.01.2024 to the facts of the present cases, this Court is inclined to remand back the present matters to the Board with a direction to the Board to supply a copy of the Final Inspection Report to the Petitioners. The Petitioners are permitted to file a further or substituted reply to the Show Cause Notice within two weeks thereafter and the Board is directed to decide the matter within four weeks thereafter in accordance with the Regulations. The Impugned Orders are, therefore, set aside. In view of the above decision taken by the Hon ble High Court of Delhi where it left it open for the Appellant to file ..... X X X X Extracts X X X X X X X X Extracts X X X X
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