# In the matter of Dev Rolling Mills Private Limited

> NCLT judgment dated 2025-02-18. Citation: TCN-2025-NCLT-00468. The case involves an application (IA(I.B.C)/603(CH)2024) in a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 18 Feb 2025
- **Citation:** TCN-2025-NCLT-00468
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dev-rolling-mills-private-limited-4f321b99

## Summary

### Background

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.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the minimum amount of Rs. 1,00,000 should be fixed as the IRP's fee, or if any additional …

**Ratio:** The ratio is based on the principle of fair compensation for services rendered, balanced

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**Reasoning:** The court reasoned that while the CIRP order was set aside, the IRP had performed certain

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**Interpretation:** The interpretation involves balancing the IRP's right to compensation for work

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Sh. Ashish…; Sh. Harnam Singh…
- **Appellants:** K.K. St…
- **Respondents:** Dev Rolling Mills…

## Timeline

- **2024-12-13 — Filing of Sho…**: Short note on behalf of respondent No.1 filed by Mr. Aalok Jagga, Advocate vide Diary No.…
- **2023-01-27 — NCLAT Or…**: Hon'ble NCLAT directed IRP to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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