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In the matter of CA V.Venkata Sivakumar Vs. IBBI & Ors., W.P.No.13229 of 2020

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Court :
IBBI

Brief :
In this writ petition, the Petitioner challenges the constitutional validity of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (the IP Regulations) read with Bye-Law 12A of the Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye-Laws IPA Regulations).

Citation :
W.P.No.13229 of 2020

IN THE HIGH COURT OF JUDICATURE AT MADRAS
Reserved on : 30.09.2020
Delivered on : 03.11.2020

C O R A M

The Hon'ble Mr. A.P.SAHI, THE CHIEF JUSTICE
and
The Hon'ble Mr. Justice SENTHILKUMAR RAMAMOORTHY

W.P.No.13229 of 2020

CA V.Venkata Sivakumar ...Petitioner

..vs..

1.Insolvency and Bankruptcy Board of India (IBBI)
Rep. by Deputy General Manager,
7th Floor, Mayur Bhawan, Shankar Market,
Connaught Circus, New Delhi – 110 001.

2.IPA/ICAI (The Institute of Chartered Accountants of India)
Insolvency Professional Agency,
Rep. by COO
ICAI Bhawan, 3rd Floor, Hostel Block,
A-29, Sector 62, Noida,
Uttar Pradesh – 201 309.

3.Dr.M.S.Sahoo
Chairperson, Insolvency and Bankruptcy Board of India,
7th Floor, Mayur Bhawan, Shankar Market,
Connaught Circus, New Delhi – 110 001.

4.Mr.Susanta Kumar Sahu 
COO – IIIPI,
Indian Institute of Insolvency Professionals of ICAI 
ICAI Bhawan, 3rd Floor, Hostel Block,
A-29, Sector 62, Noida,
Uttar Pradesh – 201 309. ... Respondents

PRAYER : Petition filed under Article 226 of the Constitution of India, praying to issue a writ of declaration declaring Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, inserted by Notification No. IBBI/2019-20/GN/REG045, dated 23.07.2019 (w.e.f. 23.07.2019), read with Bye-law 12A IBBI (Model Bye laws and Governing Board of Insolvency Professional Agencies) Regulations 2016 (Inserted by Notification No.IBBI/2019-20/GN/REG043,dated 23.07.2019 (w.e.f. 23.07.2019) of (C) of I and B Code 2016, issued by the first Respondent, as improper exercise of discretion, patently unrelated to or inconsistent with the purpose or policy of the statute, acting unreasonably and arbitrarily violating Article 14,19 and 21 of our Constitution with mala fide intention and hence an abuse of process of law becomes void and inoperative, impose costs.

For Petitioner : Mr.CA.V.Venkata Sivakumar (Party in person)
For Respondents : Mr.R.Sankaranarayanan, ASGI,Assisted by Mr.C.V.Ramachandramoorthy 

ORDER

SENTHILKUMAR RAMAMOORTHY J.,

In this writ petition, the Petitioner challenges the constitutional validity of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 (the IP Regulations) read with Bye-Law 12A of the Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Model Bye-Laws IPA Regulations).

2. The Petitioner is a practicing chartered accountant who is a member of the Institute of Chartered Accountants of India. In addition, he is an insolvency professional (IP) under the IP Regulations. In order to qualify as an IP, as required, he is enrolled as a professional member of the Indian Institute of Insolvency Professionals of the ICAI (IIIPI), which is an Insolvency Professional Agency(IPA). The IIIPI is a not-for-profit company incorporated under Section 8 of the Companies Act 2013 and functions in terms of Regulation 12(2) of the IP Regulations. The Petitioner is also registered as an IP by the Insolvency and Bankruptcy Board of India (the IBBI) under the IP Regulations. By Notification No.IBBI/2019-20/GN/REG045, dated 23.07.2019, Regulation 7A was introduced in the IP Regulations. The said Regulation 7A deals with authorisation for assignment (AFA) and reads as under:

To know more in details find the attachment file
 

 

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on 13 November 2020
Published in Corporate Law
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