Indian Oversees Bank, a major financial creditor constituting the COC, filed an application for review of an order dated March 2018, which directed them to pay the fees and other expenses of the previous Resolution Professional (RP) for the period she acted as RP and Interim Resolution Professional (IRP). The COC is required to reimburse expenses as ratified by them, as per Sections 33 and 34 of the Code. The bank's counsel submitted that the fees claimed by the RP were exorbitant. The fees sanctioned by the bank for the present RP's full tenure amounted to Rs. 1.7 lakhs. The present RP placed on record the minutes of a meeting dated June 1, 2018, where the COC decided that liquidation should be proceeded with since no resolution was possible. The RP sought endorsement
…Indian Oversees Bank, a major financial creditor, filed an application for review of an order dated March 2018 regarding the fees and expenses of the previous Resolution Professional (RP). The COC, as per Sections 33 and 34 of the Code, is required to reimburse expenses ratified by them. The bank argued that the RP's fees were exorbitant. The fees sanctioned by the bank for the present RP's tenure were Rs. 1.7 lakhs. The present RP filed minutes from a June 1, 2018 meeting where the COC decided to proceed with liquidation due to the impossibility of resolution. The Corporate Debtor has no assets available. The RP sought endorsement of the liquidation resolution by the Adjudicating Authority. The relevance of these facts lies in determining the reasonableness of the
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Order directing payment…
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Indian Oversees Bank, a major financial creditor constituting the COC, filed an application for review of an order dated March 2018, which directed them to pay the fees and other expenses of the previous Resolution Professional (RP) for the period she acted as RP and Interim Resolution Professional (IRP). The COC is required to reimburse expenses as ratified by them, as per Sections 33 and 34 of the Code. The bank's counsel submitted that the fees claimed by the RP were exorbitant. The fees sanctioned by the bank for the present RP's full tenure amounted to Rs. 1.7 lakhs. The present RP placed on record the minutes of a meeting dated June 1, 2018, where the COC decided that liquidation should be proceeded with since no resolution was possible. The RP sought endorsement
…Indian Oversees Bank, a major financial creditor, filed an application for review of an order dated March 2018 regarding the fees and expenses of the previous Resolution Professional (RP). The COC, as per Sections 33 and 34 of the Code, is required to reimburse expenses ratified by them. The bank argued that the RP's fees were exorbitant. The fees sanctioned by the bank for the present RP's tenure were Rs. 1.7 lakhs. The present RP filed minutes from a June 1, 2018 meeting where the COC decided to proceed with liquidation due to the impossibility of resolution. The Corporate Debtor has no assets available. The RP sought endorsement of the liquidation resolution by the Adjudicating Authority. The relevance of these facts lies in determining the reasonableness of the
…Order directing payment…
COC decided to proceed…
Sign in to view related legal provisions.