TaxTMI 
TaxTMI 
2025 (8) TMI 811
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....earned Senior Panel Counsel for R1, Mr.Varun Srinivasan, learned counsel appearing for R2 and Mr.K.Pavan Jhabakh, learned counsel appearing for R3. 2. The prayer is simple. The petitioner seeks a mandamus directing the first respondent i.e., the Insolvency and Bankruptcy Board of India ('IBBI' / 'Board') to consider his complaints dated 23.04.2025 as against R2 and R3, who are the erstwhile and current liquidators of SLO Industries Ltd., and dispose the same within a fixed time frame. 3. The Scheme for consideration of grievances of a stakeholder is set out under two Regulations, The Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 (in short, ('2017 (Grievance ....
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....complaint is correct. (2) The complainant and the service provider shall submit the information and records sought under sub-regulation (1) within 10[seven] days thereof. [Provided that an additional time, not exceeding seven days, may be granted by the Board on request of the service provider.] (3) [The Board shall investigate the information and records and form an opinion whether there exists a prima facie case within thirty days of the receipt of the complaint.]. (4) The Board shall close the complaint where it is of the opinion under sub-regulation (3) that there does not exist a prima facie case and communicate the same to the complainant. (5) If the complainant is not satisfied with the de....
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.... 7(3), has been breached. 9. If the Board is of the view that there is no prima facie case, it shall close the complaint and communicate such closure to the complainant, who may seek review of the same under Regulation 7(5) within a period of 30 days. This has transpired in the case of R3, as, pending this writ petition, the complaints qua R3 have been disposed vide order dated 18.07.2025, exonerating him and such order has been served upon him. 10. As far as R2 is concerned, Mr.Jeya Ganesan, says that some additional information has been sought and the complaint qua R2 is under process. We record the same and thus, as far as R2 is concerned, the investigation shall continue. If the Board is of the view that there exists a prima facie....
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....ulations and guidelines made thereunder and the directions issued by the Board, if any, are being complied with; (e) to inquire into the complaints received from 6 [stakeholders] or any other person on any matter having a bearing on the activities of a service provider; and (f) such other purpose as may be deemed fit by the Board in furtherance of the objectives of the Code. 13. Regulation 4 deals with the conduct of inspection and the procedure to be followed. In conducting an inspection, the Board may take the assistance of an 'Inspecting Authority' which term means, under section 2(1)(j), an officer or a team of officers of the Board which has been directed to act as inspecting authority to conduct an inspection of a....
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....Regulation 10 may be taken into account by the Board along with other material to come to a conclusion as to whether prima facie information has been formed for action to be taken under Sections 220, 236 or Section 236(2) of the Code to warrant the issuance of a show cause notice under Regulation 12, upon the service provider or an associated person. 18. Such prima facie view may also flow from the inquiry undertaken by the Board under the 2017 (Grievance and Complaint Handling Procedure) Regulations which is presently ongoing in the case of R3 in the present case. 19. The procedure to be followed thereafter is set out both under Regulations 12 and 13 which deal with disposal of show cause notice by the Disciplinary Committee, which s....