The case involves an appeal against an order by the Adjudicating Authority regarding the remuneration to be paid to the Applicant/erstwhile Interim Resolution Professional (IRP). The Adjudicating Authority had fixed and directed the Committee of Creditors (CoC) to pay Rs. 3,50,000 per month to the IRP, excluding earlier payments. The appellant contends that this order contradicts a previous order from 07.01.2019, where the Adjudicating Authority directed the CoC to hold another meeting to resolve the issue and decide the amount to be paid to the present IRP.
The Adjudicating Authority initially directed the Committee of Creditors (CoC) to convene a meeting to determine the appropriate remuneration for the Interim Resolution Professional (IRP) on 07.01.2019. Subsequently, on 21.09.2020, the Adjudicating Authority issued an order fixing the IRP's remuneration at Rs. 3,50,000 per month. The appellant, Gulshan Gaba, challenged the latter order, arguing that it contradicted the earlier directive for the CoC to resolve the issue through a meeting. The appellant contended that the Adjudicating Authority's decision to unilaterally fix the remuneration was inconsistent with its previous instruction for the CoC to deliberate and decide on the appropriate amount. The court noted the contradiction between the two orders, leading to
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The Adjudicating Authority directed the CoC to…
The Adjudicating Authority fixed and…
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The case involves an appeal against an order by the Adjudicating Authority regarding the remuneration to be paid to the Applicant/erstwhile Interim Resolution Professional (IRP). The Adjudicating Authority had fixed and directed the Committee of Creditors (CoC) to pay Rs. 3,50,000 per month to the IRP, excluding earlier payments. The appellant contends that this order contradicts a previous order from 07.01.2019, where the Adjudicating Authority directed the CoC to hold another meeting to resolve the issue and decide the amount to be paid to the present IRP.
The Adjudicating Authority initially directed the Committee of Creditors (CoC) to convene a meeting to determine the appropriate remuneration for the Interim Resolution Professional (IRP) on 07.01.2019. Subsequently, on 21.09.2020, the Adjudicating Authority issued an order fixing the IRP's remuneration at Rs. 3,50,000 per month. The appellant, Gulshan Gaba, challenged the latter order, arguing that it contradicted the earlier directive for the CoC to resolve the issue through a meeting. The appellant contended that the Adjudicating Authority's decision to unilaterally fix the remuneration was inconsistent with its previous instruction for the CoC to deliberate and decide on the appropriate amount. The court noted the contradiction between the two orders, leading to
…The Adjudicating Authority directed the CoC to…
The Adjudicating Authority fixed and…
Sign in to view related legal provisions.