Court Upholds Validity of Regulation 23A and Section 204, Dismisses Claims of Arbitrariness and Violation of Natural Justice.

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....Constitutional validity - Disciplinary proceedings against insolvency professional agencies - suspension of authorization for assignment - Regulation 23A is liable to be struck down or not - violation of principles of natural justice - Section 204 of IBC is violative of Article 20(2) of the Constitution of India or not - The court dismissed the petitioner's contentions regarding the arbitrary nature of Regulation 23A, its conferral of excessive power on IPAs, and its violation of natural justice principles. - The court upheld the validity of Section 204 of the Insolvency and Bankruptcy Code, rejecting the petitioner's argument. The petitioner is virtually assailing correctness of the findings before the self same Court and pleading for re-consideration of the issue, which is nothing but an appeal in disguise, which cannot be entertained by this Court.....