# In the matter of Goouksheer Farm Fresh Private Limited

> NCLT judgment dated 2023-09-01. Citation: TCN-2023-NCLT-01802. The case involves an application (I.A. (IB) No. 83/KB/2023) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 1 Sept 2023
- **Citation:** TCN-2023-NCLT-01802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/goouksheer-farm-fresh-private-limited-9f059fe4

## Summary

### Background

The case involves an application (I.A. (IB) No. 83/KB/2023) filed by the Resolution Professional (RP) of Goouksheer Farm Fresh Private Limited against the Resolution Professional of PM Cold Storage Private Limited and PM Cold Storage Private Limited itself, seeking directions for payment of CIRP costs and discharge of the applicant from his duties as the RP. The Corporate Insolvency Resolution Process (CIRP) was initiated against Goouksheer Farm Fresh Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP faced challenges in funding the CIRP due to paucity of funds and non-payment of expenses by the

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## Facts

The Resolution Professional (RP) of Goouksheer Farm Fresh Private Limited filed an application seeking reimbursement of Corporate Insolvency Resolution Process (CIRP) costs and discharge from his duties. The CIRP was initiated based on an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The RP claims that the Committee of Creditors (COC) failed to reimburse the expenses incurred during the CIRP, including statutory compliances and outstanding dues, amounting to Rs. 20,51,168. The RP also alleges that the sole member of the COC, PM Cold Storage Private Limited, failed to pay the promised CIRP expenses. The respondent alleges that the RP charged exorbitant fees and misused his position. The respondent also claims that the RP wrongly inducted New

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## Issues and analysis

### Issue 1: Whether the Resolution Professional is entitled …

**Ratio:** An Insolvency Professional is entitled to be remunerated for their labor and work, and

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**Reasoning:** The court noted that the COC had approved the fees of the RP in its first meeting. The

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**Interpretation:** The legal principle establishes the right of a Resolution Professional to be

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**Application:** In this case, the court applied the ratio by directing the COC to take

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** Sanjeev Jhunjhunwa…
- **Respondents:** GOOUKSHEER FARM…; Bimal Kanti…

## Timeline

- **2019-12-13 — Order for CIRP…**: Tribunal admitted application under Section 7 of I&B Code for initiation of Corporate…
- **2020-01-08 — First COC M…**: Applicant appointed as Resolution Professional (RP) and fees of Rs. 50,000/- per month…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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