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IBBI Imposes Penalty on an Insolvency Professional; Penalty Levied For Moratorium Violation by Allowing Transfer of Assets of a Corporate Debtor During CIRP

IBBI Imposes Penalty on an Insolvency Professional; Penalty Levied For Moratorium Violation by Allowing Transfer of Assets of a Corporate Debtor During CIRP  1. Brief Facts of the Case:- In exercise of its power under section 218 of the Code read with the IBBI (Inspection

SC in the case of Shakti Bhog Food Industries Ltd. Versus The Central Bank of India

Case Covered: Shakti Bhog Food Industries Ltd. Versus The Central Bank of India Facts of the case: This appeal takes exception to the judgment and order dated 2.1.2017 passed by the High Court of Delhi at New Delhi (for short, “the High Court”) in R.S.A. No. 391/2016, whereby the High Court affirmed the decision of the Court of  Civil  Judge–05, Central District, Tis Hazari Courts, Delhi, dated 6.1.2016 in C.S. No. 950/2014 allowing the application filed by the respondents/ defendants for rejection of the plaint under Order VII Rule 11 of the Code of Civil  Procedure, 1908  (for short, “the CPC”), instituted by the appellant/plaintiff.