Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1875 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHIInitiation of proceeding by Insolvency and Bankruptcy Board of India (IBBI) - HELD THAT:- Normally, the Adjudicating Authority is not supposed to pass any adverse observations, even prima facie, against the ‘Resolution Professional’, without giving an opportunity to the ‘Resolution Professional’ as to why in view of certain Act, the matter be not referred to ‘IBBI’ - the matter has been taken cognizance by the IBBI which has initiated the proceedings against the Appellant – ‘Resolution Professional’, no opinion expressed on the merit of the observations. However, the ‘IBBI’ cannot treat observations as made by the Adjudicating Authority, as referred to above, as final decision against the Appellant, as the observation made, without granting any opportunity to the Appellant. Therefore, the ‘IBBI’ will hear the proceedings and decide on merit after hearing the ‘Resolution Professional’ and taking into consideration reply as may be submitted by the Appellant, uninfluenced by the observations made by the Adjudicating Authority. Appeal disposed off.
|