Bhavna Sanjay Ruia vs Insolvency And Bankruptcy Board Of ...

Bhavna Sanjay Ruia ...Appellant

Vs

Insolvency and Bankruptcy Board of India ....Respondent

Present: For Appellant: Mr. Pankaj Jain and Mr. Sagar Bansal, Advocates. For Respondent:

ORDER

08.04.2019: This appeal has been preferred by 'Bhavna Sanjay Ruia'

(Resolution Professional) against order dated 21st February, 2019 passed by

'Insolvency and Bankruptcy Board of India' (IBBI) in Disciplinary Committee of

IBBI.

2. The Section 61 of I&B Code empowers an aggrieved person to file an appeal

before this Appellate Tribunal:-

"61. Appeals and Appellate Authority. - (1)

Notwithstanding anything to the contrary contained under the

Companies Act 2013 (18 of 2013), any person aggrieved by

the order of the Adjudicating Authority under this part may

prefer an appeal to the National Company Law Appellate

Tribunal.

Company Appeal (AT) (Insolvency) No. 341 of 2019 -2-

(2) Every appeal under sub-section (1) shall be filed within

thirty days before the National Company Law Appellate

Tribunal:

Provided that the National Company Law Appellate

Tribunal may allow an appeal to be filed after the expiry of the

said period of thirty days if it is satisfied that there was

sufficient cause for not filing the appeal but such period shall

not exceed fifteen days.

(3) An appeal against an order approving a resolution plan

under section 31 may be filed on the following grounds,

namely:--

(i) the approved resolution plan is in contravention of the

provisions of any law for the time being in force;

(ii) there has been material irregularity in exercise of the

powers by the resolution professional during the

corporate insolvency resolution period;

(iii) the debts owed to operational creditors of the

corporate debtor have not been provided for in the

resolution plan in the manner specified by the Board;

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(iv) the insolvency resolution process costs have not

been provided for repayment in priority to all other

debts; or

(v) the resolution plan does not comply with any other

criteria specified by the Board.

(4) An appeal against a liquidation order passed under

section 33 may be filed on grounds of material irregularity

or fraud committed in relation to such a liquidation order."

3. From the aforesaid provision it will be clear that only against order passed

by the Adjudicating Authority, this Appellate Tribunal can entertain appeal. No

appeal is maintainable against order passed by Insolvency and Bankruptcy

Board of India including its Disciplinary Committee.

4. In the circumstance, the appeal is dismissed being not maintainable.

However, this order will not come in the way of the Appellant to move before

appropriate forum for appropriate relief.

[Justice S. J. Mukhopadhaya] Chairperson am/gc

Company Appeal (AT) (Insolvency) No. 341 of 2019