2023 (4) TMI 449

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ER D.BHARATHA CHAKRAVARTHY, J. A. Brief facts leading to the filing of the Writ Petition: The petitioner is a Chartered Accountant and an empaneled Resolution Professional. IDBI Bank Limited, as the Financial Creditor, initiated proceedings against one Jeypore Sugar Company Limited by way of an application under Section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'IBC') before the National Company Law Tribunal, Chennai (hereinafter referred to as 'NCLT'). By an order, dated 25.02.2019, the said application was admitted and Corporate Insolvency Resolution Proceedings were initiated against the said Company and the petitioner was appointed as Interim Resolution Professional and thereafter, in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itute of Insolvency Professionals / Institute of Chartered Accountants of India, had, by an order, dated 01.12.2020, found the petitioner guilty of misconduct and imposed a fine of Rs.10,000/-. Aggrieved by the said order, the petitioner preferred an appeal before the Insolvency and Bankruptcy Board of India, which also rejected the appeal by an order, dated 17.12.2020. Aggrieved by the same and praying for compensation, the petitioner preferred two Writ Petitions before this Court in W.P.Nos.4458 and 4463 of 2021 and by an order, dated 26.02.2021, an interim order of injunction, restraining the respondents, their servants or agents or any other person from taking any coercive action on account of the orders impugned in the Writ Petitions, ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ontemptuous. Secondly, the argument in the application filed by the Bank, that he lacks authority under the regulations, is also without any merit. When he has not committed any error, the bank officials have willfully filed the application and the NCLT and the NCLAT erred in passing the impugned orders. He would further submit that the power of this Court under Article 226 of the Constitution of India cannot be taken away by any statute and therefore, inspite of provision for an appeal to the Hon'ble Supreme Court of India under Section 62 of the IBC, still this Court has powers to entertain this Writ Petition challenging the orders of the NCLAT and the NCLT, more so, when they have been passed in violation of the injunction order granted ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....not in any manner relate to his removal as Liquidator in a particular case. She would submit that service of the Resolution Professional / Liquidator is a professional service like that of a Conciliator or an Advocate and the petitioner, in the first place, cannot insist that he would alone continue to be in service when the parties do not wish his continuance. In any event, the NCLT and the NCLAT have gone into the allegations against him and also on the requirements as per the regulations and passed orders on merits. The petitioner has chosen to file an appeal before the NCLAT under Section 61 of the IBC as against the order passed by the NCLT under Section 60(5) of the IBC. If so, he has no other option than to file an appeal before the ....