Interpretation of Section 220 of the Insolvency and Bankruptcy ...

Disciplinary Committee can have single IBBI whole-time member under IBC Section 220.

Case Laws Insolvency and Bankruptcy

September 9, 2024

Interpretation of Section 220 of the Insolvency and Bankruptcy Code (IBC) regarding the constitution of the Disciplinary Committee. The key points are: The Disciplinary Committee can consist of a single whole-time member of the Insolvency and Bankruptcy Board of India (IBBI). The singular word "member" in the proviso to Section 220(1) of the IBC can be interpreted to include the plural, subject to the context. Clause 2(1)(c) of the 2017 Regulations allows the Disciplinary Committee to comprise either a single whole-time member or multiple whole-time members. The ratio of the Bharathidasan University case is not applicable as the context here is different. The objection raised regarding the constitution of the Disciplinary Committee with a single whole-time member is rejected, and it is permissible to have either a single or multiple whole-time members.

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Interpretation of Section 220 of the Insolvency and Bankruptcy ...

Disciplinary Committee can have single IBBI whole-time member under IBC Section 220.

Case Laws Insolvency and Bankruptcy

September 9, 2024

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