2022 (12) TMI 1111

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....n Frey and Mr. Kamlendra P. Singh, Advocates for R-3, (M-8839680052). Mr. Manik Dogra and Mr. Kanav Madnani, Advocates for R-4, (M-9811439334). Prathiba M. Singh, J. (Oral) 1. This hearing has been done through hybrid mode. 2. The Petitioner- Dhankalash Distributors Pvt. Ltd. has filed the present petition seeking early disposal of the complaints made by it against Respondent Nos. 3 and 4 on 14th January, 2022 and 17th January, 2022 to Respondent No.2- Insolvency and Bankruptcy Board of India (IBBI). The case of the Petitioner is that it is one of the financial creditors of M/s Piyush IT Solutions Pvt. Ltd. and Respondent No.3 is the Resolution Professional (hereinafter 'RP') appointed by the NCLT qua the said company and Corporate....

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.... 17^th January, 2022 filed by the Petitioner. It is noticed by the Court that under Regulation 7 specific time periods have been fixed for disposal of complaints. Regulation 7 reads as under: "7. Disposal of complaint. (1) The Board may seek additional information and records from the complainant and information and records from the concerned service provider to form a prima facie view whether the contravention alleged in the complaint is correct. (2) The complainant and the service provider shall submit the information and records sought under sub-regulation (1) within fifteen days thereof. (3) The Board shall form an opinion whether there exists a prima facie case within forty-five days of the receipt o....

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.... approved by the Committee of Creditors, the following averments have been made against Respondent No.3 & 4: "8. It is further pertinent to mention that the Applicant has also filed a complaint against the present RP before the Insolvency and Bankruptcy Board of India ("IBBI") on 14.01.2022 based on various illegalities committed by him during the CIRP. The Applicant, in the capacity of Financial Creditor, was constrained to approach the IBBI as the actions of the RP have been contrary to the ethics of the profession, objectivity integrity, independence and impartiality expected from him. The RP also failed to ensure meticulous compliances regarding timeliness and other regulatory provisions of IBC. It is humbly' submitted that....