# 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-00489. 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-00489
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/theme-export-pvt-ltd-ia-2171-2020-in-ib-no-323-nd-2019-2b9007ab

## Summary

### Background

The case involves an application (IA-2171/2020) filed by the Interim Resolution Professional (IRP) seeking approval of their fee. The Corporate Insolvency Resolution Process (CIRP) was initiated against Theme Exports Pvt. Ltd. based on a petition by the Operational Creditor (Ratan Singh). The Adjudicating Authority admitted the company petition on 2019-08-29 and appointed the applicant as IRP, directing the Operational Creditor to deposit Rs. 2 lakhs for immediate expenses. The IRP convened meetings of the Committee of Creditors (CoC), but the CoC did not ratify the IRP's costs. The Bank of Baroda, a respondent, argued that the Operational Creditor had not deposited sufficient funds and that the litigation was collusive. The IRP's fee claim was disputed, leading to the

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## Facts

Ratan Singh, an Operational Creditor, initiated CIRP against Theme Exports Pvt. Ltd. The Adjudicating Authority admitted the petition on 2019-08-29 and appointed an IRP. The Operational Creditor was directed to deposit Rs. 2 lakhs for immediate expenses. The IRP convened CoC meetings, but the CoC did not ratify the IRP's costs. The Bank of Baroda argued that the Operational Creditor hadn't deposited sufficient funds, suggesting collusion. The IRP claimed a fee for the period 2019-08-29 to 2019-11-04. The CoC approved a resolution for liquidation and delegated the fixation of the RP's fee to the Bank of Baroda, which confirmed a fee of Rs. 1,75,000 per month. The IRP made public announcements on 2019-09-07 and 2019-09-09. The IRP's fee claim was disputed because the CoC

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## Issues and analysis

### Issue 1: Whether the IRP's fee and …

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

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**Reasoning:** The Adjudicating Authority considered that the CoC had not ratified the IRP's costs and

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**Interpretation:** The interpretation of Regulation 33 and Section 5(13) is that the IRP is

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**Application:** The Adjudicating Authority applied the regulations and section to the specific

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **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 on…
- **2019-08-29 — Order to Depos…**: The Operational Creditor was directed to deposit a sum of Rs. 2 lakhs to meet the…

## 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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