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 expenses of the previous Resolution Professional (RP) for the period she acted as RP and IRP. The bank's counsel argued that the fees claimed by the RP were exorbitant. The fees sanctioned by the bank for the 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 proceed since no resolution was possible. The RP sought endorsement of this resolution by the Adjudicating Authority.
Indian Oversees Bank, a major financial creditor, filed an application for review of an order dated March 2018, which directed them to pay the fees and expenses of the previous Resolution Professional (RP). The bank argued that the RP's fees were exorbitant. The fees sanctioned by the bank for the 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 proceed since no resolution was possible. The Corporate Debtor has no assets available. The RP sought endorsement of this resolution by the Adjudicating Authority. The COC decided that the Resolution Professional shall continue as Insolvency Liquidator in this case.
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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 expenses of the previous Resolution Professional (RP) for the period she acted as RP and IRP. The bank's counsel argued that the fees claimed by the RP were exorbitant. The fees sanctioned by the bank for the 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 proceed since no resolution was possible. The RP sought endorsement of this resolution by the Adjudicating Authority.
Indian Oversees Bank, a major financial creditor, filed an application for review of an order dated March 2018, which directed them to pay the fees and expenses of the previous Resolution Professional (RP). The bank argued that the RP's fees were exorbitant. The fees sanctioned by the bank for the 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 proceed since no resolution was possible. The Corporate Debtor has no assets available. The RP sought endorsement of this resolution by the Adjudicating Authority. The COC decided that the Resolution Professional shall continue as Insolvency Liquidator in this case.
Order issued directing payment of fees and…
COC decided that…
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