# In the matter of Jogma Laminates Industry Pvt. Ltd. M.A. 3399-2019 in C.P. No. (IB) 4065-MB-2018

> NCLT judgment dated 2022-11-10. Citation: TCN-2022-NCLT-00489. The case involves an application (M.A. 3399/2019) filed by the Resolution Professional (RP),…

- **Court:** NCLT
- **Order date:** 10 Nov 2022
- **Citation:** TCN-2022-NCLT-00489
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jogma-laminates-industry-pvt-ltd-ma-3399-2019-in-cp-no-ib-4065-mb-2018-61a812fe

## Summary

### Background

The case involves an application (M.A. 3399/2019) filed by the Resolution Professional (RP), Mr. Rohit Vora, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, in the matter of the Corporate Insolvency Resolution Process (CIRP) of Jogma Laminates Industry Private Limited. The RP sought directions from the NCLT to release outstanding fees and expenses. The Committee of Creditors (COC) opposed the application, alleging non-performance of duties by the RP and raising concerns about the RP's actions regarding asset protection and liquidation. The COC had resolved to replace the RP but had not yet filed an application for the appointment of a new RP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Jogma Laminates Industry Private Limited based on a petition filed on 2018-10-22. The petition was admitted on 2019-04-25, and a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Rohit Vora was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP convened several Committee of Creditors (COC) meetings. The COC approved the RP's fees and expenses. However, the COC members did not make the payments. The RP filed an application (M.A. 3399/2019) seeking directions from the NCLT to release the outstanding fees and expenses amounting to Rs. 24,25,143.86. The COC opposed the application, alleging that the

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled to receive Rs. 24,25,143.86/- (Rupees Twenty Four Lakhs Twenty …

**Ratio:** The Resolution Professional is entitled to receive fees and expenses as ratified by the

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**Reasoning:** The NCLT reasoned that the COC had ratified the fees and expenses of the RP and had not

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**Interpretation:** The interpretation is that a Resolution Professional is entitled to receive the

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**Application:** In this case, the NCLT applied the ratio to the facts and held that the RP was

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Rohit…
- **Respondents:** Jogma Laminates…; Religare Finvest…

## Timeline

- **2018-10-22 — Petition…**: The petition for initiating Corporate…
- **2019-04-25 — Petition Ad…**: The petition was admitted, and…

## 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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