The Resolution Professional (RP) filed an IA seeking directions against the sole member of the Committee of Creditors (CoC) of CG Power and Industrial Solutions and Mr. Ramavatar S Modani, Director of the Suspended Board, to settle the Corporate Insolvency Resolution Process (CIRP) cost. The CoC allegedly refused to pay the RP's fee, despite resolving to do so in their 2nd meeting held on 29.07.2024. The court noted that it had previously stated that the Adjudicating Authority (AA) should not be involved in disputes regarding professional fees, especially after ratification by the CoC.
The Resolution Professional (RP) filed an application (IA) seeking directions for settling the Corporate Insolvency Resolution Process (CIRP) cost, including the RP's fee. The application was filed against the sole member of the Committee of Creditors (CoC) of CG Power and Industrial Solutions and Mr. Ramavatar S Modani, Director of the Suspended Board. The CoC allegedly refused to pay the RP's fee, despite resolving to do so in their 2nd meeting held on 29.07.2024. The Authorised Representative for the Director of the Suspended Board requested time to obtain instructions regarding the payment of Rs. 6,40,000/-, which is part of the CIRP cost. The RP's counsel submitted that the Director of the Suspended Board should be directed to deposit the amount promptly. The
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The 2nd meeting of the Committee of Creditors…
The court heard the application filed by the…
The Resolution Professional (RP) filed an IA seeking directions against the sole member of the Committee of Creditors (CoC) of CG Power and Industrial Solutions and Mr. Ramavatar S Modani, Director of the Suspended Board, to settle the Corporate Insolvency Resolution Process (CIRP) cost. The CoC allegedly refused to pay the RP's fee, despite resolving to do so in their 2nd meeting held on 29.07.2024. The court noted that it had previously stated that the Adjudicating Authority (AA) should not be involved in disputes regarding professional fees, especially after ratification by the CoC.
The Resolution Professional (RP) filed an application (IA) seeking directions for settling the Corporate Insolvency Resolution Process (CIRP) cost, including the RP's fee. The application was filed against the sole member of the Committee of Creditors (CoC) of CG Power and Industrial Solutions and Mr. Ramavatar S Modani, Director of the Suspended Board. The CoC allegedly refused to pay the RP's fee, despite resolving to do so in their 2nd meeting held on 29.07.2024. The Authorised Representative for the Director of the Suspended Board requested time to obtain instructions regarding the payment of Rs. 6,40,000/-, which is part of the CIRP cost. The RP's counsel submitted that the Director of the Suspended Board should be directed to deposit the amount promptly. The
…The 2nd meeting of the Committee of Creditors…
The court heard the application filed by the…