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Judgment
ORDER
IA-3764/ND/2025: Ld. Counsel for the Liquidator (IP) as also the IP submitted that the IP is already having eight assignments, thus it would not be possible for him to take up any new assignment.
Having submitted so, the Ld. Counsel for the Liquidator as also the Liquidator sought to be discharged from the liquidation process. The details of the cases currently handled by the Liquidator are given in the application, which reads thus:-
“The reason behind seeking indulgence (as detailed in the prayer clause) of the AA are as follows:
a)That the Applicant is conducting various high stake assignments, in which, he is very busy and he is not in a position to take out time to act as the liquidator in the present case. The various assignment and the stage of the cases are as follows: -
b)It is pertinent to mention that as per Regulation 22 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 an insolvency professional must refrain from accepting too many assignments, if he is unlikely to be ·able to devote adequate time to each of his assignments. The relevant extract is reproduced herewith:
22. Occupation, employability and restrictions.
An insolvency professional must refrain from accepting too many assignments if he is unlikely to be able to devote adequate time to each of his assignments.
c)Hence, the Applicant is coordinating/meeting with the Personal Guarantors in the above-mentioned matters, and he is regularly conducting the various meetings of creditors and various compliances, and as such the Applicant and his team is busy and he is not in a position to take up the present assignment given by this Hon'ble Tribunal.
d)In the above facts and circumstances the present application is moved.”
Normally, an IP who is in the panel of IBBI for being appointed as IRP/RP/Liquidator/Bankruptcy Trustee cannot refuse to accept any assignment.
Nevertheless, since the Applicant has given the excess work available with him as reason for not accepting the assignment in issue, we replace him with Mr. Hemant Sethi, IP with Reg.No: [IBBI/IPA-002/IP-N01107/2021-2022/13628] (e-mail ID: hemantmlsethi60@gmail.com) as Liquidator.
Since, the Applicant is overburdened, it is directed that he will not accept any assignment till completion of 30% of his aforementioned work.
Let the copy of this order be sent to IBBI for information.
IA stands disposed of.