This is a Company Appeal (AT) (Insolvency) No. 474 of 2022 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appeal was filed against an order dated 16th March, 2022, passed by the Adjudicating Authority. The Adjudicating Authority had allowed an application to withdraw a petition filed by the Operational Creditor. The Adjudicating Authority also directed payment of Rs. 1,10,000/- in addition to Rs. 75,000/- already paid to the Interim Resolution Professional (IRP). The IRP, being aggrieved by the order, filed the appeal.
The Interim Resolution Professional (IRP), Deepankur Sharma, filed an appeal against an order passed by the Adjudicating Authority. The Adjudicating Authority had allowed the withdrawal of a Corporate Insolvency Resolution Process (CIRP) application filed by an Operational Creditor. The CIRP application was admitted on December 22, 2021. The withdrawal application was filed on January 3, 2022. The Adjudicating Authority directed the payment of Rs. 1,10,000/- in addition to Rs. 75,000/- already paid to the IRP. The IRP claimed that the cost paid was not commensurate with the work done and that no settlement was possible. The NCLAT noted that the IRP had effectively functioned for only 14 days due to a status quo order. The IRP raised the issue of fees, arguing that the
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The application for initiating the Corporate…
The application to…
This is a Company Appeal (AT) (Insolvency) No. 474 of 2022 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appeal was filed against an order dated 16th March, 2022, passed by the Adjudicating Authority. The Adjudicating Authority had allowed an application to withdraw a petition filed by the Operational Creditor. The Adjudicating Authority also directed payment of Rs. 1,10,000/- in addition to Rs. 75,000/- already paid to the Interim Resolution Professional (IRP). The IRP, being aggrieved by the order, filed the appeal.
The Interim Resolution Professional (IRP), Deepankur Sharma, filed an appeal against an order passed by the Adjudicating Authority. The Adjudicating Authority had allowed the withdrawal of a Corporate Insolvency Resolution Process (CIRP) application filed by an Operational Creditor. The CIRP application was admitted on December 22, 2021. The withdrawal application was filed on January 3, 2022. The Adjudicating Authority directed the payment of Rs. 1,10,000/- in addition to Rs. 75,000/- already paid to the IRP. The IRP claimed that the cost paid was not commensurate with the work done and that no settlement was possible. The NCLAT noted that the IRP had effectively functioned for only 14 days due to a status quo order. The IRP raised the issue of fees, arguing that the
…The application for initiating the Corporate…
The application to…