The case involves a Company Appeal filed against an order passed by the Adjudicating Authority regarding the professional fee of the Interim Resolution Professional (IRP). The Corporate Debtor was admitted into CIRP proceedings following a Company Petition filed by the Operational Creditor, M/s. Tricon Energy (India) Pvt. Ltd. The Respondent No.1 was appointed as the IRP. The Respondent No.1 filed an Interlocutory Application seeking a sum of Rs.9,05,058/- towards fee and expenses incurred during his tenure as IRP. The Adjudicating Authority allowed the application, which was challenged by the Appellant (Canara Bank) in this Company Appeal.
Canara Bank, the sole Financial Creditor, filed a Company Appeal.
Mr. Kantipudi Venkata Raju was the Erstwhile Interim Resolution Professional of S.V.K. Shipping Services Pvt. Ltd.
Respondent No.1 filed an Interlocutory Application for payment of his professional fees as an IRP.
The Corporate Debtor was admitted into CIRP proceedings on 13.05.2022.
The Adjudicating Authority ordered the Respondent No.1 be entitled to receive Rs.9,05,058/- towards fee and expenses.
The Appellant contended that the determination of the fee was contrary to the IBBI Regulations.
The Appellant argued that there was no ratification by the CoC for the IRP's fee.
The First CoC meeting was held on 09.06.2022.
The Second CoC meeting was held on 13.07.2022.
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The Corporate Debtor was admitted to the CIRP…
First CoC meeti…
The case involves a Company Appeal filed against an order passed by the Adjudicating Authority regarding the professional fee of the Interim Resolution Professional (IRP). The Corporate Debtor was admitted into CIRP proceedings following a Company Petition filed by the Operational Creditor, M/s. Tricon Energy (India) Pvt. Ltd. The Respondent No.1 was appointed as the IRP. The Respondent No.1 filed an Interlocutory Application seeking a sum of Rs.9,05,058/- towards fee and expenses incurred during his tenure as IRP. The Adjudicating Authority allowed the application, which was challenged by the Appellant (Canara Bank) in this Company Appeal.
Canara Bank, the sole Financial Creditor, filed a Company Appeal.
Mr. Kantipudi Venkata Raju was the Erstwhile Interim Resolution Professional of S.V.K. Shipping Services Pvt. Ltd.
Respondent No.1 filed an Interlocutory Application for payment of his professional fees as an IRP.
The Corporate Debtor was admitted into CIRP proceedings on 13.05.2022.
The Adjudicating Authority ordered the Respondent No.1 be entitled to receive Rs.9,05,058/- towards fee and expenses.
The Appellant contended that the determination of the fee was contrary to the IBBI Regulations.
The Appellant argued that there was no ratification by the CoC for the IRP's fee.
The First CoC meeting was held on 09.06.2022.
The Second CoC meeting was held on 13.07.2022.
…The Corporate Debtor was admitted to the CIRP…
First CoC meeti…