# In the matter of Ramanasree Consumer Products Private Limited I.A. No. 151 of 2020 in CP (IB) No. 158-10-AMR-2019

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04550. The application was filed by Mr. Pavan Kankani, the erstwhile Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramanasree-consumer-products-private-limited-ia-no-151-of-2020-in-cp-ib-no-158-1-aeb50ca1

## Summary

### Background

The application was filed by Mr. Pavan Kankani, the erstwhile Insolvency Resolution Professional (IRP), seeking a direction to the respondents to release his pending dues. Respondents 2 to 4 are members of the Committee of Creditors (CoC) of the Corporate Debtor. The Resolution Professional (Respondent No. 1) filed a counter, but its contentions were deemed irrelevant. The 2nd Respondent also filed a counter, but its contentions were not addressed in detail. The central issue is whether the Applicant is entitled to any fee and the amount of that fee.

## Facts

Mr. Pavan Kankani, the former Insolvency Resolution Professional (IRP) for M/s. Ramanasree Consumer Products Private Limited, filed an application seeking the release of his pending dues. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The respondents include the current Resolution Professional, Naga Bushan Bhagwati, and the Committee of Creditors (CoC), including Bank of India, Peddi Reddy Sudhir Reddy, and T. Sahith Reddy. The 2nd Respondent raised an objection, stating that the Applicant had moved the Tribunal seeking fee fixation, and the Application was allowed, against which an Appeal was preferred before the National Company Law Appellate Tribunal, New Delhi. The NCLAT has set aside the orders passed by the National

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## Issues and analysis

### Issue 1: Whether the Applicant, the erstwhile Insolvency Resolution Professional, is entitled to any fee for …

**Ratio:** Regulation 33 of the Insolvency and Bankruptcy Code (Insolvency Resolution Process for

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**Reasoning:** The court reasoned that the Applicant, as the erstwhile IRP, is entitled to a fee for the

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**Interpretation:** Regulation 33 provides a framework for determining the costs and expenses of

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**Application:** The court applied Regulation 33 to the facts of the case, noting that the

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Pavan Ka…
- **Respondents:** Ramanasree…; Naga Bushan…

## Timeline

- **2022-01-04 — Hearing…**: Hearing held on…
- **2022-01-05 — Next Hearin…**: Matter listed for…

## 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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