IBBI suspended the registration of the Petitioner for two years ...

Court Modifies Suspension to 20 Months; Upholds Charge on Support Service Violation in Insolvency Case.

June 1, 2024

Case Laws Insolvency and Bankruptcy HC

IBBI suspended the registration of the Petitioner for two years due to various allegations. The High Court found that the Petitioner did not violate any regulations by imposing a non-refundable participation fee on bidders before a specific regulation was in force. Regarding the appointment of unregistered valuers, the Court noted that the valuers involved were registered individually, and their work was accepted without issue. However, the Court upheld the charge of appointing a support service, BRAL, in which the Petitioner was a partner, to increase fees, which contravened Liquidation Regulations. The Court modified the suspension to the period already served, acknowledging 20 months of suspension already undergone. The petition was disposed of accordingly.

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IBBI suspended the registration of the Petitioner for two years ...

Court Modifies Suspension to 20 Months; Upholds Charge on Support Service Violation in Insolvency Case.

June 1, 2024

Case Laws Insolvency and Bankruptcy HC

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