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Insolvency and BankruptcyAugust 2, 2024Case LawsHC
The High Court dismissed the petition filed by the petitioner seeking removal of his removal as Liquidator due to incomplete qualifications. The petitioner's application for authorization assignment was rejected by the Insolvency Bankruptcy Board of India (IBBI) as per Regulation 12A of IBBI Regulations. The Tribunal removed the petitioner as Liquidator u/s 16 of the General Clauses Act, 1897 and Section 276 of the Companies Act, 2013. The Appellate Tribunal also dismissed the petitioner's appeal, confirming his removal as Liquidator for not having valid authorization. Sections 199 to 205 of the Insolvency and Bankruptcy Code, 2016 provide for insolvency professional agencies, and Section 206 mandates enrollment as a member of an insolvency professional agency and registration with IBBI u/s 207 to render services as an insolvency professional. The High Court found no infirmity or illegality in the orders passed by the respondents and dismissed the petition.
The High Court dismissed the petition filed by the petitioner seeking removal of his removal as Liquidator due to incomplete qualifications. The petitioner's application for authorization assignment was rejected by the Insolvency Bankruptcy Board of India (IBBI) as per Regulation 12A of IBBI Regulations. The Tribunal removed the petitioner as Liquidator u/s 16 of the General Clauses Act, 1897 and Section 276 of the Companies Act, 2013. The Appellate Tribunal also dismissed the petitioner's appeal, confirming his removal as Liquidator for not having valid authorization. Sections 199 to 205 of the Insolvency and Bankruptcy Code, 2016 provide for insolvency professional agencies, and Section 206 mandates enrollment as a member of an insolvency professional agency and registration with IBBI u/s 207 to render services as an insolvency professional. The High Court found no infirmity or illegality in the orders passed by the respondents and dismissed the petition.
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