https://www.taxtmi.com/caselaws?id=757450 Bombay HC upheld the validity of Clause 23A of the Insolvency and Bankruptcy Board of India Regulations, 2016, which permits suspension of Authorization for Assignment (AFA) upon initiation of disciplinary proceedings. The court held that issuance of show cause notices constitutes initiation of disciplinary proceedings, making suspension legal. Following Madras HC precedent in CA V. Venkata Sivakumar, the court found the regulations validly framed under statutory powers and rejected the petitioner's challenge to the suspension and show cause notices dated October 2023 and April 2024. en-us Fri, 09 Aug 2024 00:00:00 +0530 Sat, 24 Aug 2024 13:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757450 Bombay HC upheld the validity of Clause 23A of the Insolvency and Bankruptcy Board of India Regulations, 2016, which permits suspension of Authorization for Assignment (AFA) upon initiation of disciplinary proceedings. The court held that issuance of show cause notices constitutes initiation of disciplinary proceedings, making suspension legal. Following Madras HC precedent in CA V. Venkata Sivakumar, the court found the regulations validly framed under statutory powers and rejected the petitioner's challenge to the suspension and show cause notices dated October 2023 and April 2024. Case-Laws Insolvency and Bankruptcy Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757450