The Bench headed by Justice Prathiba M Singh of Delhi High Court in the matter of MR SUBRATA MONINDRANATH MAITY v. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA directed National Law Company Tribunal to uphold its order without any further delay.

 The directions were passed by the Court considering the nature of orders passed by the Tribunal, by which moratorium is declared and IRPs are appointed.

The plea was moved by Subrata Monindranath Maity, in which they are challenging the orders of the Insolvency and Bankruptcy Board of India (IBBI) on the 10th of January.

 Mr Subrata Monindranath Maity was appointed as the resolution professional of entities namely M/s. Bhatia Coke and Energy Limited and M/s Guardian Homes Pvt. Ltd. But IIBI in its order of 10th January suspended his registration as a resolution professional for a period of one year. It was Maity’s case that he did not indulge in any misconduct qua the companies and thus the suspension was not tenable.

ASG Madhavi Diwan, the Cousel member for IBBI argued that Maity’s conduct was found to be lacking in the case of the two companies for which show cause notices were also issued.

 Justice Singh observed that the NCLT’s order dated March 14, 2022, was uploaded only on April 29, 2022, after six weeks.

 The matter will now be heard on September 8