Dsp Investment Managers Private ... vs Sintex Plastics Technology Limited & ... on 3 January, 2023
13. The Learned Counsel for the IBBI, which is appellant in Company
Appeal (AT) Ins. No. 814 of 2021 has argued that the Adjudicating
Company Appeal (AT) (Ins.) No. 729 & 730 of 2022 & 475, 577, 674, 814 of 2021
16
Authority, while passing the impugned order dated 29.06.2021 in I.A. No. 18
of 2021 has, inter alia, made certain observations about the provisions of
the IBBI (Insolvency Resolution Process for Corporate Persons), Regulations
2016 which are completely out of place and uncalled for, since the
Adjudicating Authority does not have jurisdiction to comment on the
illegality of said provisions and therefore they should be expunged. He has
referred to the Judgement of the Hon'ble Delhi High Court in the matter of
Insolvency and Bankruptcy Board of India Vs. State Bank of India &
Ors., W.P (C) No. 10189/2018 [2022/DHC/00524] in this regard wherein
it is held that NCLT does not have the jurisdiction to decide whether any
legal provision is ultra vires.