The case involves a petition filed under Section 9 of the IB Code, 2016, by Hassan Brothers against Gammon India Ltd, with a claim principal amount of ₹242,74,128 and interest of ₹265,56,142. The petitioner, Hassan Brothers, also submitted a term sheet outlining the remuneration for the Interim Resolution Professional (IRP).
Hassan Brothers filed a petition against Gammon India Ltd under Section 9 of the IB Code, 2016, claiming ₹242,74,128 as principal and ₹265,56,142 as interest. The petition included a term sheet detailing the remuneration for the Interim Resolution Professional (IRP). The proposed remuneration included ₹50,000 for consent in Form 2, ₹15,00,000 payable by the Operational Creditor at the time of admission, and ₹5,00,00,000 for professional fees until the first Committee of Creditors (COC) meeting. The court found the proposed remuneration of ₹5,00,00,000 to be exorbitant. The IRP who consented to the assignment is the wife of the Chartered Accountant who filed the petition, raising a potential conflict of interest. A representative of the Corporate Debtor stated that
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Hearing of the Mumbai…
CP (IB)-1677(MB)/2017…
The case involves a petition filed under Section 9 of the IB Code, 2016, by Hassan Brothers against Gammon India Ltd, with a claim principal amount of ₹242,74,128 and interest of ₹265,56,142. The petitioner, Hassan Brothers, also submitted a term sheet outlining the remuneration for the Interim Resolution Professional (IRP).
Hassan Brothers filed a petition against Gammon India Ltd under Section 9 of the IB Code, 2016, claiming ₹242,74,128 as principal and ₹265,56,142 as interest. The petition included a term sheet detailing the remuneration for the Interim Resolution Professional (IRP). The proposed remuneration included ₹50,000 for consent in Form 2, ₹15,00,000 payable by the Operational Creditor at the time of admission, and ₹5,00,00,000 for professional fees until the first Committee of Creditors (COC) meeting. The court found the proposed remuneration of ₹5,00,00,000 to be exorbitant. The IRP who consented to the assignment is the wife of the Chartered Accountant who filed the petition, raising a potential conflict of interest. A representative of the Corporate Debtor stated that
…Hearing of the Mumbai…
CP (IB)-1677(MB)/2017…