The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, regarding an application filed by the Appellant, who was appointed as the Interim Resolution Professional (IRP). The dispute centers around the IRP's fee, which he claimed should be Rs. 2 Lakhs per month. The CoC ratified a payment of Rs. 50,000 per month. The Adjudicating Authority referred the matter to the Insolvency and Bankruptcy Board of India (IBBI) to examine the claim of the Ex-IRP. The appellant challenged the order submitting that IBBI has no jurisdiction to decide the question of payment of fees.
Sumit Bansal, an Insolvency Professional, was appointed as the Interim Resolution Professional (IRP) for JP Engineers Pvt. Ltd. The Adjudicating Authority appointed him on 2020-02-26. In the first meeting of the Committee of Creditors (CoC), Bansal claimed a monthly fee of Rs. 2 Lakhs. The CoC, however, only ratified a payment of Rs. 50,000 per month. Bansal worked until 2021-01-27, when he was replaced by another Resolution Professional. Subsequently, Bansal filed an application (I.A 5274 of 2021) before the Adjudicating Authority, seeking the payment of his claimed fees of Rs. 2 Lakhs per month. The Adjudicating Authority then referred the matter to the Insolvency and Bankruptcy Board of India (IBBI) for examination and recommendations. Bansal appealed against this
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Sumit Bansal was appointed as the Interim…
In the first meeting of the Committee of…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, regarding an application filed by the Appellant, who was appointed as the Interim Resolution Professional (IRP). The dispute centers around the IRP's fee, which he claimed should be Rs. 2 Lakhs per month. The CoC ratified a payment of Rs. 50,000 per month. The Adjudicating Authority referred the matter to the Insolvency and Bankruptcy Board of India (IBBI) to examine the claim of the Ex-IRP. The appellant challenged the order submitting that IBBI has no jurisdiction to decide the question of payment of fees.
Sumit Bansal, an Insolvency Professional, was appointed as the Interim Resolution Professional (IRP) for JP Engineers Pvt. Ltd. The Adjudicating Authority appointed him on 2020-02-26. In the first meeting of the Committee of Creditors (CoC), Bansal claimed a monthly fee of Rs. 2 Lakhs. The CoC, however, only ratified a payment of Rs. 50,000 per month. Bansal worked until 2021-01-27, when he was replaced by another Resolution Professional. Subsequently, Bansal filed an application (I.A 5274 of 2021) before the Adjudicating Authority, seeking the payment of his claimed fees of Rs. 2 Lakhs per month. The Adjudicating Authority then referred the matter to the Insolvency and Bankruptcy Board of India (IBBI) for examination and recommendations. Bansal appealed against this
…Sumit Bansal was appointed as the Interim…
In the first meeting of the Committee of…