The case involves an appeal regarding the fee of the Resolution Professional in a Corporate Insolvency Resolution Process (CIRP). The Appellate Tribunal had previously directed the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) to determine the fee and costs incurred by the Resolution Professional, to be borne by the Bank of India Ltd. The Adjudicating Authority allowed the expenditure incurred by the Resolution Professional and directed payment of a consolidated amount of Rs. 5 Lakhs + GST towards the fee.
The Corporate Insolvency Resolution Process (CIRP) was initiated. The Adjudicating Authority was directed to decide the fee of the Resolution Professional (RP) and the cost of the CIRP. The Adjudicating Authority allowed all the expenditure incurred by the RP and directed payment of Rs. 5 Lakhs + GST towards the RP's fee. The Appellant (Mr. Devarajan Raman, Resolution Professional Poonam Drum & Containers Pvt. Ltd.) argued that the fee was inadequate and should be determined by the Committee of Creditors (CoC). The RP worked for about three months. The expenses were allowed in full. The Tribunal found the consolidated amount of Rs. 5 Lakhs + GST as the fee for the entire period not unreasonable.
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The Appellate Tribunal disposed of Company…
The Adjudicating Authority allowed all the…
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The case involves an appeal regarding the fee of the Resolution Professional in a Corporate Insolvency Resolution Process (CIRP). The Appellate Tribunal had previously directed the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) to determine the fee and costs incurred by the Resolution Professional, to be borne by the Bank of India Ltd. The Adjudicating Authority allowed the expenditure incurred by the Resolution Professional and directed payment of a consolidated amount of Rs. 5 Lakhs + GST towards the fee.
The Corporate Insolvency Resolution Process (CIRP) was initiated. The Adjudicating Authority was directed to decide the fee of the Resolution Professional (RP) and the cost of the CIRP. The Adjudicating Authority allowed all the expenditure incurred by the RP and directed payment of Rs. 5 Lakhs + GST towards the RP's fee. The Appellant (Mr. Devarajan Raman, Resolution Professional Poonam Drum & Containers Pvt. Ltd.) argued that the fee was inadequate and should be determined by the Committee of Creditors (CoC). The RP worked for about three months. The expenses were allowed in full. The Tribunal found the consolidated amount of Rs. 5 Lakhs + GST as the fee for the entire period not unreasonable.
The Appellate Tribunal disposed of Company…
The Adjudicating Authority allowed all the…
Sign in to view related legal provisions.