# In the matter of Pantel Technologies Private Limited CA 1192-ND-2020 in (IB)- 1374(ND)2018

> NCLT judgment dated 2021-07-28. Citation: TCN-2021-NCLT-01572. The case involves an application (CA.1192/ND/2020) filed under rule 11 of NCLT Rules, 2016 by…

- **Court:** NCLT
- **Order date:** 28 Jul 2021
- **Citation:** TCN-2021-NCLT-01572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pantel-technologies-private-limited-ca-1192-nd-2020-in-ib-1374nd2018-0b18c48f

## Summary

### Background

The case involves an application (CA.1192/ND/2020) filed under rule 11 of NCLT Rules, 2016 by the Interim Resolution Professional (IRP), Mr. Gautam Singhal, seeking the fixation of his fees and determination of the party liable to pay the fees and expenses incurred during the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated by M/S Anhui Technology Imp & Exp Co. Ltd against the Corporate Debtor M/S Pantel Technologies Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application on 19.09.2019 and appointed Mr. Gautam Singhal as the IRP. The Committee of Creditors (CoC) was constituted with M/S Noble Cooperative Bank Ltd as the sole Financial Creditor. The IRP presented a list of

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## Facts

M/S Anhui Technology Imp & Exp Co. Ltd initiated CIRP against M/S Pantel Technologies Pvt Ltd under Section 9 of the IBC. The Adjudicating Authority admitted the application on 19.09.2019 and appointed Mr. Gautam Singhal as the IRP. The CoC was formed with M/S Noble Cooperative Bank Ltd as the sole financial creditor. The IRP presented expenses to the CoC, which approved Rs. 83,032 and a fee of Rs. 1,25,000. The CoC resolved to replace Mr. Singhal with Mr. Anup Kumar. Noble Cooperative Bank filed an application to this effect. The NCLAT set aside the CIRP order on 07.01.2020, directing the IRP to hand over assets. The IRP's fees and expenses from 17.10.2019 to 07.01.2020 remained unresolved. The IRP also appointed 4 registered valuers, a forensic auditor, and a

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors are liable to bear the expenses incurred by the Insolvency …

**Ratio:** The applicant who has filed the application under Section 7 or 9 of the I & B code is

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**Reasoning:** The Hon'ble NCLAT was of the view that the applicant who has filed the application under

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**Interpretation:** This interprets Regulation 33 of the Insolvency and Bankruptcy Board of India

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**Application:** In this case, the Adjudicating Authority applied this principle to determine

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Gautam Si…
- **Respondents:** M/S PANTEL…; NOBLE COOPERATIVE…

## Timeline

- **2019-09-19 — CIRP Init…**: Application for initiating CIRP filed by M/S Anhui Technology Imo & Exp Co. Ltd against…
- **2019-10-17 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held. The applicant placed…

## 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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