# In the matter of Theme Export Pvt. Ltd. IA-2171-2020 in IB No. 323-ND-2019

> NCLT judgment dated 2020-09-30. Citation: TCN-2020-NCLT-00487. The case involves an application (IA-2171/2020) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 30 Sept 2020
- **Citation:** TCN-2020-NCLT-00487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/theme-export-pvt-ltd-ia-2171-2020-in-ib-no-323-nd-2019-1981833b

## Summary

### Background

The case involves an application (IA-2171/2020) filed by the Interim Resolution Professional (IRP) seeking approval of their fee. The Adjudicating Authority admitted a Company Petition (IB No. 323(ND)/2019) filed by the Operational Creditor and appointed the applicant as IRP. The Operational Creditor was directed to deposit Rs. 2 lakhs for immediate expenses, accountable and reimbursable by the CoC. The IRP sent a letter to Respondent No. 1 to pay Rs. 2 lakhs, but the Operational Creditor failed to deposit the amount. The first CoC meeting was convened on 28.09.2019, deferring the ratification of the IRP's cost. The second meeting on 04.11.2019 did not approve the resolution for rectifying the IRP's cost. A resolution for appointing a Resolution Professional (RP) was

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## Facts

Ratan Singh, an Operational Creditor, initiated insolvency proceedings against Theme Exports Pvt. Ltd., the Corporate Debtor. The Adjudicating Authority admitted the Company Petition (IB No. 323(ND)/2019) on 29.08.2019 and appointed an Interim Resolution Professional (IRP). The Operational Creditor was directed to deposit Rs. 2 lakhs to cover immediate expenses of the IRP. The IRP requested Respondent No. 1 (Ratan Singh) to deposit the amount, but the Operational Creditor failed to do so. The Committee of Creditors (CoC) convened meetings on 28.09.2019 and 04.11.2019. The CoC did not ratify the cost of the IRP. A resolution was passed to appoint a Resolution Professional (RP), delegating fee fixation to Bank of Baroda. Bank of Baroda confirmed a fee of Rs. 1,75,000 per

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can fix the expenses of the IRP when the applicant has not fixed …

**Ratio:** Regulation 33(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The Adjudicating Authority noted that the applicant had not fixed the fee and expenses of

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**Interpretation:** Regulation 33(2) provides the Adjudicating Authority with the power to fix

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**Application:** In this case, the Adjudicating Authority found that the applicant had not fixed

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Vikram…
- **Respondents:** Theme Exports…; Ratan S…

## Timeline

- **2019-08-29 — Admission of Company…**: The Adjudicating Authority admitted the Company Petition (IB No. 323(ND)/2019) filed by…
- **2019-08-29 — Direction to Deposit…**: The Operational Creditor was directed to deposit Rs. 2 lakhs for immediate expenses of…

## 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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