https://www.taxtmi.com/caselaws?id=760131 The Punjab & Haryana HC dismissed a petition challenging an IBBI order dated 22.08.2022 that took lenient action against a Resolution Professional (RP) for misconduct. The petitioners sought removal of the RP, disqualification of resolution applicant, and declaration of CIRP proceedings as illegal. The HC held that judicial review scope is limited and courts cannot reappraise disciplinary authority decisions merely because alternative punishment seems appropriate. The court upheld the single-member Disciplinary Committee's constitution as valid under IBC provisions, finding no irregularity or malafide. The RP was cautioned for future compliance, with warning that repetitive instances would be treated as willful negligence warranting stricter action. en-us Thu, 22 Aug 2024 00:00:00 +0530 Thu, 17 Oct 2024 09:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760131 The Punjab & Haryana HC dismissed a petition challenging an IBBI order dated 22.08.2022 that took lenient action against a Resolution Professional (RP) for misconduct. The petitioners sought removal of the RP, disqualification of resolution applicant, and declaration of CIRP proceedings as illegal. The HC held that judicial review scope is limited and courts cannot reappraise disciplinary authority decisions merely because alternative punishment seems appropriate. The court upheld the single-member Disciplinary Committee's constitution as valid under IBC provisions, finding no irregularity or malafide. The RP was cautioned for future compliance, with warning that repetitive instances would be treated as willful negligence warranting stricter action. Case-Laws Companies Law Thu, 22 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760131