# In the matter of Concept Biosciences India Private Limited

> NCLT judgment dated 2025-01-08. Citation: TCN-2025-NCLT-00645. The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Jan 2025
- **Citation:** TCN-2025-NCLT-00645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/concept-biosciences-india-private-limited-0261444c

## Summary

### Background

The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. Radico Khaitan Limited, the Operational Creditor, initiated a Company Petition (IB) No. 74/KB/2020 against Concept Biosciences India Private Limited, the Corporate Debtor. The Interim Resolution Professional (IRP), Ajay Kumar Agarwal, filed an application (I.A. (IB) No. 635/KB/2022) seeking the fixation of his fees, which had not been previously determined. The corporate debtor was admitted into CIRP vide order dated 2022-04-01.

## Facts

Radico Khaitan Limited initiated a CIRP against Concept Biosciences India Private Limited. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP filed an application seeking the fixation of his fees. The corporate debtor was admitted into CIRP on 2022-04-01. The IRP constituted the CoC on 2022-04-21, which was reconstituted on 2022-05-19. The IRP proposed a remuneration of Rs. 2,00,000 per month, excluding GST, which the CoC refused to pay, requesting a reduction to Rs. 1,25,000 per month. Some CoC members, including Radico Khaitan Limited, Mahima Life Science Private Limited, and ESIC, expressed their inability or unwillingness to contribute to the CIRP costs. The court considered Regulation 34 of the Insolvency and Bankruptcy Board of

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## Issues and analysis

### Issue 1: Whether the fees of the Interim Resolution Professional (IRP) should be fixed and approved by the …

**Ratio:** The fees of the IRP should be related to acts performed or to be performed for the

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**Reasoning:** The court considered the provisions of Regulation 34 of the Insolvency and Bankruptcy

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**Interpretation:** The interpretation is that the IRP is entitled to be remunerated for their

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**Application:** In this case, the IRP applied for the fixation of his fees, and the CoC refused

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## Parties

- **Judges:** BIDISHA BA…; SHRI. D.A…
- **Respondents:** Concept Bioscience…; Radico Khaitan…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition (IB)…
- **2022-04-01 — CIRP Admi…**: The corporate debtor…

## 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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