PR No – 78
26th April, 2024
New Delhi
Virtual Roundtable Discussion on the Hon’ble Bombay High Court’s Ruling: Amit Gupta Versus Insolvency & Bankruptcy Board of India & Anr. (Dated 4.04.2024)
NCLT & IBC Committee of PHDCCI organized a Virtual Roundtable Discussion on the Hon’ble Bombay High Court’s Ruling: Amit Gupta Versus Insolvency & Bankruptcy Board of India & Anr. (Dated 4.04.2024) on 25th April 2024. It was a very fruitful discussion wherein each participant got to learn about the intricacies on the subject which, in turn, proved to be a valuable platform for knowledge exchange.
Mr. G P Madaan, Chair, NCLT & IBC Committee, PHDCCI, in his opening remarks lauded the judgement as it has raised serious concerns with respect to amending the Liquidation Regulations by IBBI under the garb of issuance of circulars.The High Court has also observed that on the issuance of SCN by IBBI, the IPs should not be barred from taking up any fresh assignments.
Mr. Abhishek Anand, Co- Chair, NCLT & IBC Committee, PHDCCI stated that this is a welcoming judgment for the entire community of Insolvency Professionals and, in fact, further throws light on how confusion can be created by circulars if the same are not well drafted by the regulator. In addition, an important issue has been highlighted in the judgment with respect to suspension of AFA upon mere issuance of Show cause notice, but hopefully the same will be decided soon in some other matter as the said question has been left open.
Mr. Karan Mehra, Co- Chair, NCLT & IBC Committee, PHDCCI mentioned that the Mumbai High Court Judgment is a welcome judicial pronouncement as it defines the powers of the Regulator by metes and bounds and lays down broad guidelines for the Regulator to promulgate Circulars in a way that they should not encroach upon the legislative jurisdiction and should at the most be clarificatory in nature. The Hon’ble High Court also took a judicial note of an impact of issuance of show cause notice on the IPs and the IBC Regime at large.
Dr. Jatinder Singh, Assistant Secretary General, PHDCCI extended his heartfelt thanks to all the learned speakers and participants for their valuable contributions and engaging interactions during this enlightening session.
The Committee has decided to hold more such Virtual Discussions for the benefit of the stakeholders.
The roundtable was attended by more than 70 participants.
Warm Regards,
Media Division
PHD Chamber of Commerce and Industry