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2020 (9) TMI 514 - HC - Insolvency and BankruptcyInitiation of disciplinary proceedings against Insolvency professional (IP) - Status of complaint made by the petitioner - Regulation 7(3) of the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 - HELD THAT:- The complainant is being informed about the status of the complaint by way of a cryptic order like in the present case reproduced herein above. In my opinion, this is not in compliance with the Regulations. A reading of Regulation 7 of the Regulations clearly show that the complainant has to be informed as to whether the respondent no.1 has formed a prima facie opinion in favour of the complainant or against it. In case the opinion is against the complainant, the complainant has a right under the Sub- Regulation 5 of Regulation 7 to seek a review on the said decision. Merely informing the petitioner as has been done in the present case that appropriate action is being initiated in the matter, would not, therefore, satisfy the requirements of Regulation 7. The complainant was never informed whether respondent no.1 has formed an opinion in favour of the complainant or against him, on such complaint. As far as the present case is concerned, the respondent no.1 has already formed a prima facie opinion in favour of the complainant and further action thereon in terms of Regulation 7 (7) is under its consideration. The respondent no. 1is directed to expedite the decision under Regulation 7(7) of the Regulations and communicate such decision to the petitioner as well. List for hearing on the issue on 01st December, 2020.
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