13th September, 2022<\/p>\n\n\n\n
To
All Registered Insolvency Professionals
All Recognised Insolvency Professional Entities
All Registered Insolvency Professional Agencies<\/p>\n\n\n\n
(By mail to registered email addresses and on website of the IBBI)<\/p>\n\n\n\n
Dear Sir\/Madam,<\/p>\n\n\n\n
Of late, it has been observed that in a few matters Hon\u2019ble Supreme Court and several High Courts
have considered and delivered judgements wherein stand of Union of India (MCA) or IBBI remained
unrepresented since both these institutions were not a party in the concerned proceedings. This matter
is of great concern as in some of such cases scheme of the Code was in question which required to
defended earnestly. While we are trying to retrieve the situation through further legal recourse, our
apprehension is that there could be many more such important matters pending or might arise in future.<\/p>\n\n\n\n
2. Insolvency professionals being the main link with IBBI in relation to processes under the Code
wherefrom such litigations arise. It is, therefore, deemed appropriate that the Insolvency Professionals
to proactively provide prompt information and papers to IBBI to enable it to examine the provision
of statute under question with a view to implead itself for appropriate defence.<\/p>\n\n\n\n