Madras High Court upholds validity of Section 204 IBC

The Court rejected the argument that Section 204 of IBC and Regulation 23A of the IBBI regulations that govern Insolvency Professional Agencies conferred unbridled disciplinary powers over resolution professionals.
Madras High Court
Madras High Court

The Madras High Court on Monday upheld the constitutional validity of Section 204 of the Insolvency and Bankruptcy Code (IBC) which confers powers on the Insolvency and Bankruptcy Board of India (IBBI) and the Insolvency Professional Agencies to supervise Resolution Professionals (RP) and initiate disciplinary proceedings against them on allegations of misconduct.

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