Authority: Supreme Court of India
Order Date: 21-09-2026
Case Overview
- Parties: Appellant Anshul Gupta vs Respondent Insolvency and Bankruptcy Board of India (IBBI).
- The appellant challenged IBBI’s power to suspend or cancel registration of an insolvency professional agency, arguing that IBBI failed to appoint an investigating authority under Section 218 of the Insolvency and Bankruptcy Code (IBC) before issuing a notice under Section 219, making the suspension under Section 220(2) procedurally invalid.
- The Court referred to NCLAT orders: a stay dated 17‑07‑2026 of the suspension order dated 16‑06‑2026 for ten days, and an extension dated 13‑08‑2026 continuing the interim order pending final determination.
- The Court clarified that it has not stayed the NCLAT proceedings; the tribunal may continue its hearing and decide the appeal without prejudice.
Final Outcome
- The Supreme Court issued a notice to IBBI, returnable within four weeks.
- It confirmed that the interim order passed by NCLAT on 17‑07‑2026, as extended on 13‑08‑2026, shall continue.
- The Court expressly stated it has not stayed the NCLAT proceedings, allowing the tribunal to proceed with the appeal.
Topics: Insolvency Regulation, Court Order