https://www.taxtmi.com/caselaws?id=751060 Bombay HC struck down paragraphs 2.1 and 2.5 of IBBI's circular on liquidator fee computation as ultra vires the Insolvency and Bankruptcy Code and LP Regulations. The court held that the circular introduced substantive amendments disguised as clarifications, particularly regarding court-inflicted delays affecting liquidator fees, without following proper law-making procedures under Section 240. The circular created new regulatory requirements mandating court confirmation for fee computation on case-by-case basis, which exceeded IBBI's clarification powers. IBBI was prohibited from relying on these provisions in quasi-judicial proceedings and directed to consolidate duplicate show cause notices against the petitioner while disposing proceedings expeditiously. en-us Thu, 04 Apr 2024 00:00:00 +0530 Sat, 06 Apr 2024 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751060 Bombay HC struck down paragraphs 2.1 and 2.5 of IBBI's circular on liquidator fee computation as ultra vires the Insolvency and Bankruptcy Code and LP Regulations. The court held that the circular introduced substantive amendments disguised as clarifications, particularly regarding court-inflicted delays affecting liquidator fees, without following proper law-making procedures under Section 240. The circular created new regulatory requirements mandating court confirmation for fee computation on case-by-case basis, which exceeded IBBI's clarification powers. IBBI was prohibited from relying on these provisions in quasi-judicial proceedings and directed to consolidate duplicate show cause notices against the petitioner while disposing proceedings expeditiously. Case-Laws Insolvency and Bankruptcy Thu, 04 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751060