# In the matter of Immortal Buildcon Pvt. Ltd. (IB)-1152(ND)2019

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02477. The case involves a dispute over the professional fees and reimbursement of expenses to be paid…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/immortal-buildcon-pvt-ltd-ib-1152nd2019-9903f066

## Summary

### Background

The case involves a dispute over the professional fees and reimbursement of expenses to be paid to the Interim Resolution Professional (IRP). The Operational Creditor, the sole member of the Committee of Creditors (CoC), had proposed a consolidated fee of Rs. 1 lakh, inclusive of all expenses until the first CoC meeting, but this was repudiated by the IRP and not fully paid. The IRP claimed to have been meeting expenses from his own pocket. No other claims were received after the publication. The second meeting was postponed multiple times at the Operational Creditor/CoC's instance due to possible settlement talks with the Corporate Debtor. No confirmation of the Resolution Professional (RP) or further steps were taken, and there was no concession on the fees.

## Facts

The case involves a dispute over the professional fees and reimbursement of expenses for the Interim Resolution Professional (IRP) in a Corporate Insolvency Resolution Process (CIRP). The Operational Creditor, acting as the sole member of the Committee of Creditors (CoC), had proposed a consolidated fee of Rs. 1 lakh for the IRP, inclusive of all expenses until the first CoC meeting. However, the IRP repudiated this amount, claiming it was not fully paid and that he had been covering expenses from his own funds. After the publication of the CIRP initiation, no other claims were received. The second CoC meeting was repeatedly postponed at the request of the Operational Creditor due to ongoing settlement negotiations with the Corporate Debtor. No Resolution Professional

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be terminated due to the …

**Ratio:** The CIRP can be terminated if the Operational Creditor, who is also the sole member of

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**Reasoning:** The court reasoned that since the Operational Creditor was in settlement talks with the

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**Interpretation:** This interprets the provisions of the IBC to allow for the termination of the

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**Application:** The court applied this principle to the specific facts of the case, noting the

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Appellants:** M/s. Surendra…
- **Respondents:** M/s. Immortal…

## Timeline

- **2020-01-07 — Hearing…**: Hearing before the New Delhi Bench of…
- **2020-01-14 — Report on Remittance of…**: Case listed for a report…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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