The appeal concerns an order dated 26th February 2019, regarding the remuneration of the liquidator, Narinder Bhushan Aggarwal, for M/s. Little Bee International Private Limited. The liquidator was aggrieved by the order, which directed payment as per Regulation 4(2) and (3) of the Liquidation Process Regulations, 2016, and not under Regulation 39D. The Corporate Debtor has been sent into liquidation, and the Committee of Creditors (CoC) approved the contribution of estimated liquidation expenses by the Financial Creditors in an escrow account.
Narinder Bhushan Aggarwal, the liquidator for M/s. Little Bee International Private Limited, appealed an order dated February 26, 2019, concerning his remuneration. The order directed payment as per Regulation 4(2) and (3) of the Liquidation Process Regulations, 2016, instead of Regulation 39D. The Corporate Debtor was undergoing liquidation, and the Committee of Creditors (CoC) had approved the contribution of estimated liquidation expenses by the Financial Creditors in an escrow account during its 8th meeting on November 25, 2019, with a voting share of 69.48%. The Adjudicating Authority believed Regulation 39D governed fee fixation by the CoC, but the court found the CoC's decision regarding liquidation costs and remuneration fell within Regulation 39D's ambit. The
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Date of the impugned order regarding the…
The 8th meeting of the Committee of Creditors,…
The appeal concerns an order dated 26th February 2019, regarding the remuneration of the liquidator, Narinder Bhushan Aggarwal, for M/s. Little Bee International Private Limited. The liquidator was aggrieved by the order, which directed payment as per Regulation 4(2) and (3) of the Liquidation Process Regulations, 2016, and not under Regulation 39D. The Corporate Debtor has been sent into liquidation, and the Committee of Creditors (CoC) approved the contribution of estimated liquidation expenses by the Financial Creditors in an escrow account.
Narinder Bhushan Aggarwal, the liquidator for M/s. Little Bee International Private Limited, appealed an order dated February 26, 2019, concerning his remuneration. The order directed payment as per Regulation 4(2) and (3) of the Liquidation Process Regulations, 2016, instead of Regulation 39D. The Corporate Debtor was undergoing liquidation, and the Committee of Creditors (CoC) had approved the contribution of estimated liquidation expenses by the Financial Creditors in an escrow account during its 8th meeting on November 25, 2019, with a voting share of 69.48%. The Adjudicating Authority believed Regulation 39D governed fee fixation by the CoC, but the court found the CoC's decision regarding liquidation costs and remuneration fell within Regulation 39D's ambit. The
…Date of the impugned order regarding the…
The 8th meeting of the Committee of Creditors,…