The case involves an application (IA(I.B.C)/603(CH)2024) in a Corporate Insolvency Resolution Process (CIRP) concerning K.K. Steels as the petitioner and Dev Rolling Mills Pvt. Ltd. as the respondent. The CIRP order was initially admitted but later set aside by the NCLAT. The application pertains to fixing the fee for the erstwhile Interim Resolution Professional (IRP) for the period they served, specifically from 2023-01-01 to 2023-11-03. The IRP's fee is under consideration, especially since the CIRP order was set aside.
K.K. Steels initiated a CIRP against Dev Rolling Mills Pvt. Ltd. The CIRP was admitted, but later stayed and then set aside by the NCLAT. An application was filed by the erstwhile IRP to fix their fee for the period from 2023-01-01 to 2023-11-03. The IRP claimed expenses of Rs. 86,163.49, out of which Rs. 70,000 had already been paid, leaving a net receivable of Rs. 16,163. The respondent deposited Rs. 70,000. The NCLAT order dated 2023-01-27 directed the IRP to receive and collate claims. The IRP argued that no Committee of Creditors (CoC) was constituted. The key fact is that the CIRP order was ultimately set aside by the NCLAT, impacting the determination of the IRP's fee.
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Short note on behalf of respondent No.1 filed by…
Hon'ble NCLAT directed…
The case involves an application (IA(I.B.C)/603(CH)2024) in a Corporate Insolvency Resolution Process (CIRP) concerning K.K. Steels as the petitioner and Dev Rolling Mills Pvt. Ltd. as the respondent. The CIRP order was initially admitted but later set aside by the NCLAT. The application pertains to fixing the fee for the erstwhile Interim Resolution Professional (IRP) for the period they served, specifically from 2023-01-01 to 2023-11-03. The IRP's fee is under consideration, especially since the CIRP order was set aside.
K.K. Steels initiated a CIRP against Dev Rolling Mills Pvt. Ltd. The CIRP was admitted, but later stayed and then set aside by the NCLAT. An application was filed by the erstwhile IRP to fix their fee for the period from 2023-01-01 to 2023-11-03. The IRP claimed expenses of Rs. 86,163.49, out of which Rs. 70,000 had already been paid, leaving a net receivable of Rs. 16,163. The respondent deposited Rs. 70,000. The NCLAT order dated 2023-01-27 directed the IRP to receive and collate claims. The IRP argued that no Committee of Creditors (CoC) was constituted. The key fact is that the CIRP order was ultimately set aside by the NCLAT, impacting the determination of the IRP's fee.
Short note on behalf of respondent No.1 filed by…
Hon'ble NCLAT directed…