The appeal concerns an order passed in September 2020 by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-IV, which reduced the claim of the Resolution Professional during the Corporate Insolvency Resolution Process of ‘DSTR Infrastructure & Projects LLP’ (‘Corporate Debtor’). The Resolution Professional's claim was reduced from Rs.3,80,000 to Rs.2,50,000, considering the Resolution Professional's duties were discharged for a period slightly below two months. The Adjudicating Authority allowed a claim of Rs.4,27,143, which was challenged as exorbitant, considering the Operational Creditor's claim was settled at Rs.12.5 Lakh, including the Interim Resolution Professional's fee.
The Resolution Professional filed a claim for dues during the Corporate Insolvency Resolution Process of ‘DSTR Infrastructure & Projects LLP’ (‘Corporate Debtor’). The Adjudicating Authority reduced the claim from Rs.3,80,000 to Rs.2,50,000, noting the Resolution Professional's duties were discharged for a period slightly below two months. The Adjudicating Authority allowed a total claim of Rs.4,27,143, which was challenged as exorbitant. The Operational Creditor's claim was settled at Rs.12.5 Lakh, including the Interim Resolution Professional's fee. The constitution of the Committee of Creditors was stayed. The appellate tribunal found the expenses incurred disproportionate and the amount allowed unjustified.
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The appeal concerns an order passed in September 2020 by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-IV, which reduced the claim of the Resolution Professional during the Corporate Insolvency Resolution Process of ‘DSTR Infrastructure & Projects LLP’ (‘Corporate Debtor’). The Resolution Professional's claim was reduced from Rs.3,80,000 to Rs.2,50,000, considering the Resolution Professional's duties were discharged for a period slightly below two months. The Adjudicating Authority allowed a claim of Rs.4,27,143, which was challenged as exorbitant, considering the Operational Creditor's claim was settled at Rs.12.5 Lakh, including the Interim Resolution Professional's fee.
The Resolution Professional filed a claim for dues during the Corporate Insolvency Resolution Process of ‘DSTR Infrastructure & Projects LLP’ (‘Corporate Debtor’). The Adjudicating Authority reduced the claim from Rs.3,80,000 to Rs.2,50,000, noting the Resolution Professional's duties were discharged for a period slightly below two months. The Adjudicating Authority allowed a total claim of Rs.4,27,143, which was challenged as exorbitant. The Operational Creditor's claim was settled at Rs.12.5 Lakh, including the Interim Resolution Professional's fee. The constitution of the Committee of Creditors was stayed. The appellate tribunal found the expenses incurred disproportionate and the amount allowed unjustified.
The Adjudicating Authority passed an order…
The appellate tribunal disposed of the appeal…
Sign in to view related legal provisions.