# In the matter of Pankaj Khetan vs. Jammu & Kashmir Bank Ltd. Company Appeal (AT) Insolvency) No. 515 of 2022

> NCLAT judgment dated 2023-02-28. Citation: TCN-2023-NCLAT-00696. The appeal arises from an order dated 22.03.2022 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLAT-00696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pankaj-khetan-vs-jammu-kashmir-bank-ltd-company-appeal-ec5a8934

## Summary

### Background

The appeal arises from an order dated 22.03.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Allahabad Bench) regarding the fees and expenses payable to the Resolution Professional (RP), Pankaj Khetan, during the Corporate Insolvency Resolution Process (CIRP) of Kushal International Ltd. The Adjudicating Authority made adverse observations on the RP's conduct and reduced the quantum of fees/expenses. The RP, being aggrieved by these observations and the reduced fees, filed the present appeal.

## Facts

A Section 7 petition was admitted by the Adjudicating Authority on 08.05.2018, initiating CIRP for Kushal International Limited, with Pankaj Khetan appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional. A public announcement was made on 10.05.2018, seeking claims from creditors. Only one claim was received, leading to a one-member Committee of Creditors (CoC). The RP conducted four CoC meetings and submitted progress reports to the Adjudicating Authority. The RP faced non-cooperation from the suspended management, who provided selective documents. The RP filed an application under Section 19 for directions to the Corporate Debtor to cooperate. The Adjudicating Authority issued orders on 04.07.2018 and 16.07.2018, directing

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in disallowing the fees/expenses claimed by the Appellant …

**Ratio:** The fees of a Resolution Professional and a Liquidator cannot be equated as their duties

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**Reasoning:** The Adjudicating Authority correctly noted that the Resolution Professional did not

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**Interpretation:** The Adjudicating Authority has the power to determine the fees and expenses

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**Application:** The NCLAT upheld the Adjudicating Authority's decision to reduce the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Pankaj K…
- **Respondents:** Kushal Internation…; Jammu & Kashmir…
- **Advocates:** G.P. Ma…; Harimoha…; +5 more

## Timeline

- **2018-05-08 — Section 7 Petition…**: Adjudicating Authority admitted a Section 7 petition, initiating CIRP for Kushal…
- **2018-05-10 — Public Annou…**: Public announcement made seeking claims…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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