The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B Rules, 2016, by Belthangady Taluk Rubber Grower's Marketing & Processing Co-operative Society Limited against Falcon Tyres Ltd. The Interim Resolution Professional (IRP) was initially appointed and later replaced. The IRP's fees became a point of contention, with the NCLAT setting aside the Tribunal's order regarding the appointment of the RP. The Committee of Creditors (CoC) also played a role in appointing the RP. The IRP sought directions from the Tribunal to the Corporate Debtor to pay a sum of Rs. 1,38,72,101/-. The Hon'ble High Court stayed the order of the Tribunal regarding the appointment of the IRP. The applicant was
…Belthangady Taluk Rubber Grower's Marketing & Processing Co-operative Society Limited filed a petition against Falcon Tyres Ltd under Section 9 of the IBC, 2016. An Interim Resolution Professional (IRP) was initially appointed, and fees were fixed at Rs. 18,00,000/- for the period 28.04.2017 to 11.05.2017. The High Court stayed the Tribunal's order appointing the IRP. The Tribunal later appointed the applicant as Interim Resolution Professional under Section 13 of the IBC. The Committee of Creditors (CoC) passed a resolution appointing the applicant as Resolution Professional. The IRP sought payment of Rs. 1,38,72,101/- for fees and expenses. The NCLAT set aside the Tribunal's order dated 30.08.2017. The IRP issued invoices for Rs. 85,20,061/- for the period 25th
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The Applicant was…
The Order dated 28.04.2017 passed by this…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the I&B Rules, 2016, by Belthangady Taluk Rubber Grower's Marketing & Processing Co-operative Society Limited against Falcon Tyres Ltd. The Interim Resolution Professional (IRP) was initially appointed and later replaced. The IRP's fees became a point of contention, with the NCLAT setting aside the Tribunal's order regarding the appointment of the RP. The Committee of Creditors (CoC) also played a role in appointing the RP. The IRP sought directions from the Tribunal to the Corporate Debtor to pay a sum of Rs. 1,38,72,101/-. The Hon'ble High Court stayed the order of the Tribunal regarding the appointment of the IRP. The applicant was
…Belthangady Taluk Rubber Grower's Marketing & Processing Co-operative Society Limited filed a petition against Falcon Tyres Ltd under Section 9 of the IBC, 2016. An Interim Resolution Professional (IRP) was initially appointed, and fees were fixed at Rs. 18,00,000/- for the period 28.04.2017 to 11.05.2017. The High Court stayed the Tribunal's order appointing the IRP. The Tribunal later appointed the applicant as Interim Resolution Professional under Section 13 of the IBC. The Committee of Creditors (CoC) passed a resolution appointing the applicant as Resolution Professional. The IRP sought payment of Rs. 1,38,72,101/- for fees and expenses. The NCLAT set aside the Tribunal's order dated 30.08.2017. The IRP issued invoices for Rs. 85,20,061/- for the period 25th
…The Applicant was…
The Order dated 28.04.2017 passed by this…