The case involves an application 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, filed a company petition against Concept Biosciences India Private Limited, the corporate debtor. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP filed an application to fix his fees, which had not been previously determined.
Radico Khaitan Limited initiated a CIRP against Concept Biosciences India Private Limited. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). 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. Radico Khaitan cited inability to contribute to CIRP costs if other CoC members did not fulfill their obligations. Mahima Life Science Private Limited denied contribution until realization of their part in liquidation. ESIC contended they could not contribute as it was not permissible under the law. The IRP
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Concept Biosciences…
The Interim Resolution…
The case involves an application 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, filed a company petition against Concept Biosciences India Private Limited, the corporate debtor. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP filed an application to fix his fees, which had not been previously determined.
Radico Khaitan Limited initiated a CIRP against Concept Biosciences India Private Limited. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). 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. Radico Khaitan cited inability to contribute to CIRP costs if other CoC members did not fulfill their obligations. Mahima Life Science Private Limited denied contribution until realization of their part in liquidation. ESIC contended they could not contribute as it was not permissible under the law. The IRP
…Concept Biosciences…
The Interim Resolution…