# In the matter of Concept Biosciences India Private Limited

> NCLT judgment dated 2025-01-08. Citation: TCN-2025-NCLT-00652. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 8 Jan 2025
- **Citation:** TCN-2025-NCLT-00652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/concept-biosciences-india-private-limited-c8fb89e9

## Summary

### Background

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.

## 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 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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## Issues and analysis

### Issue 1: Whether the fees of the Interim Resolution Professional (IRP) should be fixed as per the proposed …

**Ratio:** Regulation 34 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The court considered the objections raised by the CoC members regarding their inability

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**Interpretation:** The legal issue revolves around the interpretation of Regulation 34 and the

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**Application:** In this specific case, the court applied the ratio and reasoning by directing

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## Parties

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

## Timeline

- **2022-04-01 — Corporate Debtor…**: Concept Biosciences India Private…
- **2022-04-21 — CoC Const…**: The Interim Resolution Professional (IRP)…

## 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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