# In the matter of Aakriti Info-Media Pvt. Ltd.

> NCLT judgment dated 2024-08-23. Citation: TCN-2024-NCLT-00757. The case involves an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 23 Aug 2024
- **Citation:** TCN-2024-NCLT-00757
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aakriti-info-media-pvt-ltd-f1d3c7e0

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for payment of CIRP expenses. The Adjudicating Authority had previously ordered the liquidation of the Corporate Debtor, M/s. Aakriti Info Media Pvt. Ltd., and appointed a Liquidator. The Tribunal had also directed the Committee of Creditors (CoC) to pay the remuneration and expenses of the IRP, Mr. Rakesh Bhatia. The CoC consisted of Cargo Planners Ltd. and the Department of Trade & Taxes NCT of Delhi, with voting shares of 24.17% and 75.83%, respectively. Notice was sent to the CoC members regarding the application for payment of pending fees and CIRP costs, but the Department of Trade & Taxes

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## Facts

The Interim Resolution Professional (IRP) filed an application seeking payment of CIRP expenses under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, M/s. Aakriti Info Media Pvt. Ltd., was ordered into liquidation by the Adjudicating Authority, which also appointed a Liquidator. The IRP, Mr. Rakesh Bhatia, was to be paid his remuneration and expenses by the Committee of Creditors (CoC). The CoC consisted of Cargo Planners Ltd. (24.17% voting share) and the Department of Trade & Taxes NCT of Delhi (75.83% voting share). The Department of Trade & Taxes NCT of Delhi did not appear despite proper service and was set ex parte. The IRP initially claimed Rs. 11,15,050/- for fees and expenses. The parties requested the Adjudicating

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional …

**Ratio:** Section 60(5) of the Insolvency and Bankruptcy Code, 2016, provides the Adjudicating

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**Reasoning:** The court reasoned that the IRP had incurred expenses and provided services during the

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**Interpretation:** This interprets Section 60(5) of the IBC to mean that the Adjudicating

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**Application:** The court applied this principle by considering the IRP's claim for Rs.

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** RAKESH B…
- **Respondents:** M/S AAKRITI…; Cargo Planner…

## Timeline

- **2019-01-01 — Filing of CP(IB)-1899/ND…**: The Corporate Insolvency…
- **2023-03-09 — Order for Liq…**: The Tribunal ordered the liquidation of the Corporate Debtor, M/s. Aakriti Info Media…

## 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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