The Bombay High Court bench, comprising Justice B. P. Colabawalla and Justice M.M. Sathaye, while adjudicating a petition filed in Partha Sarathy Sarkar v Insolvency & Bankruptcy Board of India.
Provisions of the IBC effectively providing for suspension of an insolvency professional without hearing, upon issuance of show cause notice, have been challenged.
The Bombay High Court has stayed the suspension of registration of Insolvency Professional (IP) Kairav Anil Trivedi, who is accused of misrepresentation and entering into unauthorised agreement in a.
The Bombay High Court has said that only special courts consisting of Metropolitan Magistrate or Judicial Magistrate First Class are empowered to hear complaints under the Insolvency and Bankruptcy Code.
The Bombay High Court ruled that special courts consisting of Sessions Judges were not empowered to hear complaints under the Insolvency and Bankruptcy Code.