The appeal was filed by Minita D Raja, the Erstwhile Resolution Professional of Crystal Clear Veg Oil Refinery Pvt. Ltd., against the Impugned Order dated 25.07.2024 passed by the National Company Law Tribunal, Mumbai Bench, Court-II, regarding the reduction of her professional fees.
Minita D Raja was the Erstwhile Resolution Professional of Crystal Clear Veg Oil Refinery Pvt. Ltd.
The Cosmos Co-Op Bank Limited is the Financial Creditor of the Corporate Debtor and the Respondent in the appeal.
The Adjudicating Authority reduced the Appellant's fees from Rs. 50,000/- to Rs. 10,000/- per month.
The CoC had initially fixed the Appellant's fees at Rs. 2,50,000/- per month, later renegotiated to Rs. 2,00,000/- per month.
The CoC mainly constituted of the Respondent who held 93.2% voting share.
The Respondent had filed an application under Section 7 of the Code, leading to the commencement of CIRP against the Corporate Debtor.
The CIRP could not succeed as the only resolution plan was not found satisfactory by the CoC.
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Corporate insolvency…
Order for commencement…
The appeal was filed by Minita D Raja, the Erstwhile Resolution Professional of Crystal Clear Veg Oil Refinery Pvt. Ltd., against the Impugned Order dated 25.07.2024 passed by the National Company Law Tribunal, Mumbai Bench, Court-II, regarding the reduction of her professional fees.
Minita D Raja was the Erstwhile Resolution Professional of Crystal Clear Veg Oil Refinery Pvt. Ltd.
The Cosmos Co-Op Bank Limited is the Financial Creditor of the Corporate Debtor and the Respondent in the appeal.
The Adjudicating Authority reduced the Appellant's fees from Rs. 50,000/- to Rs. 10,000/- per month.
The CoC had initially fixed the Appellant's fees at Rs. 2,50,000/- per month, later renegotiated to Rs. 2,00,000/- per month.
The CoC mainly constituted of the Respondent who held 93.2% voting share.
The Respondent had filed an application under Section 7 of the Code, leading to the commencement of CIRP against the Corporate Debtor.
The CIRP could not succeed as the only resolution plan was not found satisfactory by the CoC.
…Corporate insolvency…
Order for commencement…