The Bombay High Court has stayed the suspension of registration of Insolvency Professional (IP) Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a Corporate Insolvency Resolution Process (CIRP).
A division bench of Justice BP Colabawalla and Justice MM Sathaye observed that prima facie, the order against Trivedi was passed by the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and not its Whole Time Member empowered to pass a disciplinary order.
prima facie we are of the opinion that the Disciplinary Committee can consist only of Whole Time Member(s), who can then pass orders. In the present case, the impugned order dated 23.05.2023 is passed by Mr. Ravi Mital, who, …
Read the full article at: https://www.livelaw.in/high-court/bombay-high-court/bombay-high-court-insolvency-professional-suspended-disciplinary-committee-whole-time-member-ibc-section-220-231686