13.08.2026 Court No. 12 Item No.04 Cp MAT 1318 of 2026 Shashi Agarwal Vs. Union of India & Ors. Mr. Swatarup Banerjee Mr. Kuldip Malick Mr. Shantanu Mishra Mr. Arun Kumar Mishra …..for the appellant. Mr. Jishnu Chowdhury Ms. Aparajita Rao Mr. Ritoban Sarkar Ms. Nabanita Dutta ….for the IBBI. Mr. Dipankar Dandapat Mr. Pradip Kumar Kundu ….for the U.O.I. 1. Mr. Banerjee, learned advocate for the appellant submits that the notice of investigation was issued by the Insolvency and Bankruptcy Board of India (IBBI) on the dictates of the NCLAT, inspite of the fact that the Hon’ble Apex Court had directed independent application of mind. The notice has been issued under Rule 8(1) of the IBBI (Inspection and Investigation) Regulations, 2017. Mr. Banerjee submits that the notice has been issued with a closed mind. 2 2. We are not in agreement with such submission. The notice has been issued for investigation as per the rules and mere reference to the NCLAT’s decision as the source of information cannot vitiate the notice of investigation. Moreover, in the earlier round of litigation, it was held that the IBBI ought to have held either an inspection or investigation before issuing the show-cause. 3. Under such circumstances, we do not find any reason to interfere with the order impugned. 4. We have not decided the merit of the issues involved, which will be decided in the writ proceeding. 5. The notice of investigation shall not be stayed. 6. Accordingly, the appeal is disposed of. 7. Parties are directed to act on the basis of the server copy of this order. (Shampa Sarkar, J.) (Arjun Ray Mukherjee, J.)