VIKAS PRAKASH GUPTA vs INSOLVENCY AND BANKRUPTCY BOARD OF INDIA AND ANR

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment pronounced on: 02.02.2026 + W.P.(C) 8974/2025 and CM APPL.38317/2025 VIKAS PRAKASH GUPTA .....Petitioner Through: Mr. Satyajit Sarna, Mr. Sudev Juneja, Mr. Mohit Negi and Mr. Debarchan De, Advocates. versus INSOLVENCY AND BANKRUPTCY BOARD OF INDIA AND ANR .....Respondents Through: Ms. Amrita Singh, Mr. Prasang Sharma and Mr. Sanket Khandelwal, Advocates for R-1. Mr. Rakesh Kumar, CGSC along with Mr. Sunil, Advocate for UOI. CORAM: HON'BLE MR. JUSTICE SACHIN DATTA JUDGMENT 1. The petitioner has filed the present petition, assailing the Order dated 25.04.2025 passed by the Disciplinary Committee of the Insolvency and Bankruptcy Board of India (respondent no.1) in IBBI/DC/284/2025, whereby the registration of the petitioner, a registered Insolvency Professional bearing Registration No. IBBI/IPA-001/IPP00501/2017- 2018/10889, has been suspended for a period of one year. 2. The background of the matter is that National Company Law Tribunal, Chennai Bench (Adjudicating Authority), vide Order dated 19.02.2020, admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) filed by State Bank of India for Signature Not Verified Digitally Signed By:ROHIT KUMAR PATEL W.P.(C) 8974/2025 Page 1 of 26 Signing Date:03.02.2026 18:41:43 initiation of the Corporate Insolvency Resolution Process (CIRP) of Kamachi Industries Limited (Corporate Debtor). By the same order, the petitioner was appointed as the Interim Resolution Professional (IRP) to conduct the CIRP. 3. It is submitted that the said engagement was agreed at a consolidated fee of Rs. 7.42 lakhs, comprising IRP fees of Rs. 1.65 lakhs and support service fees of Rs. 5.77 lakhs. 4. It is submitted that on 05.05.2020, the first meeting of th