# In the matter of Earth Iconic Infrastructure Pvt. Ltd. IA-1285(PB)-2020 in Company Petition No. (IB)-16 (PB)-2017

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01699. This application was filed by the liquidator under Section 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/earth-iconic-infrastructure-pvt-ltd-ia-1285pb-2020-in-company-petition-no-ib-16-ada20946

## Summary

### Background

This application was filed by the liquidator under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to modify para 4(b) of an order dated January 10, 2020. The modification pertains to the liquidation cost and the liquidator's fee for the liquidation of the Corporate Debtor, M/s Earth Iconic Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was initiated on April 20, 2018. Subsequently, due to the absence of a viable resolution plan and as per the decision of the Committee of Creditors (CoC), the corporate debtor was ordered to be liquidated as per Chapter III Part II of the Code, vide order dated January 10, 2020. The Resolution Professional, Mr. Harish Chander Manchanda, was appointed as

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Earth Iconic Infrastructure Private Limited on April 20, 2018. Due to the absence of a viable resolution plan, the corporate debtor was ordered to be liquidated on January 10, 2020. Mr. Harish Chander Manchanda was appointed as the liquidator. The initial order dated January 10, 2020, fixed the liquidator's fee in proportion to the value of the liquidation estate assets as specified under regulation 4(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. However, the Committee of Creditors (CoC) in its 12th meeting held on August 11, 2019, approved the liquidator's fee with a 92% vote share in terms of regulation 39D of the Insolvency and Bankruptcy Board

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## Issues and analysis

### Issue 1: Whether the liquidator's fee should be determined based on regulation 4(2) of the Insolvency and …

**Ratio:** Regulation 4(1) of the Insolvency and Bankruptcy Board of India (Liquidation Process)

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**Reasoning:** The court reasoned that Regulation 4(1) explicitly states that the liquidator's fee

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**Interpretation:** Regulation 4(1) is interpreted as a specific provision that governs the

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**Application:** In this case, the CoC had already approved the liquidator's fee with a 92% vote

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## Parties

- **Judges:** DEEPTI M…; S. K. MOH…
- **Appellants:** Harish Chander…
- **Respondents:** M/s Earth Iconic…

## Timeline

- **2018-04-20 — CIRP Init…**: Corporate Insolvency Resolution Process initiated against M/s Earth Iconic Infrastructure…
- **2020-01-10 — Liquidation…**: Corporate debtor ordered to be liquidated due…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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