The case involves an application filed by Mr. Deepak Gupta, the Erstwhile Resolution Professional of M/s. Mainframe Energy Solutions Private Limited (‘Corporate Debtor’), seeking the payment of CIRP costs, including professional fees. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by M/s. Integrated Batteries India Private Limited (‘Operational Creditor’). Mr. Gupta served as the Interim Resolution Professional (IRP) until he was replaced by Mr. Devender Lodha. The applicant had previously filed an application (I.A./3520/2020) to decide the CIRP cost, which was referred to the IBBI for determination. The Committee of Creditors (CoC), represented solely by HDFC Bank, had only approved a small
…M/s. Integrated Batteries India Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Mainframe Energy Solutions Private Limited. Mr. Deepak Gupta was appointed as the Interim Resolution Professional (IRP). He incurred expenses and claimed professional fees of Rs. 21,69,450/-. The Committee of Creditors (CoC) approved only Rs. 1,64,450/-. Mr. Gupta filed an application (I.A./3520/2020) to decide the CIRP cost, which was referred to the IBBI. The IBBI constituted a committee to analyze the quantum of work done by Mr. Gupta. The IBBI submitted its report, and the expert committee determined the reasonable expenses to be Rs. 10,49,950/-. HDFC Bank is the sole member of the CoC. The Adjudicating Authority directed
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Adjudicating Authority initiated Corporate…
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The case involves an application filed by Mr. Deepak Gupta, the Erstwhile Resolution Professional of M/s. Mainframe Energy Solutions Private Limited (‘Corporate Debtor’), seeking the payment of CIRP costs, including professional fees. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application filed by M/s. Integrated Batteries India Private Limited (‘Operational Creditor’). Mr. Gupta served as the Interim Resolution Professional (IRP) until he was replaced by Mr. Devender Lodha. The applicant had previously filed an application (I.A./3520/2020) to decide the CIRP cost, which was referred to the IBBI for determination. The Committee of Creditors (CoC), represented solely by HDFC Bank, had only approved a small
…M/s. Integrated Batteries India Private Limited, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Mainframe Energy Solutions Private Limited. Mr. Deepak Gupta was appointed as the Interim Resolution Professional (IRP). He incurred expenses and claimed professional fees of Rs. 21,69,450/-. The Committee of Creditors (CoC) approved only Rs. 1,64,450/-. Mr. Gupta filed an application (I.A./3520/2020) to decide the CIRP cost, which was referred to the IBBI. The IBBI constituted a committee to analyze the quantum of work done by Mr. Gupta. The IBBI submitted its report, and the expert committee determined the reasonable expenses to be Rs. 10,49,950/-. HDFC Bank is the sole member of the CoC. The Adjudicating Authority directed
…Adjudicating Authority initiated Corporate…
Application (C.P.(IB)/177/2019) filed under…
Sign in to view related legal provisions.