The case involves an application (I.A. No.692/2023) filed by the Erstwhile Interim Resolution Professional (IRP) under Section 60(5) of the I & B Code, 2016, seeking directions against the Respondents to release CIRP costs and fees. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an IRP was appointed. Subsequently, the suspended Directors of the Corporate Debtor filed an appeal before the NCLAT. A joint application was filed by both parties, and the NCLAT allowed the application, setting aside the CIRP initiation. The Applicant Counsel argues that the Adjudicating Authority has the power to fix the expenses incurred by the IRP during the CIRP.
M/s. Indiabulls Housing Finance Limited filed a petition against M/s. Mantri Techzone Private Limited. The Adjudicating Authority admitted the C.P and appointed an IRP on 2023-06-23. The suspended Directors of Mantri Techzone Private Limited filed an appeal before the NCLAT. Subsequently, a joint application (I.A No.778/2023) was filed by both parties, and the NCLAT allowed the application on 2023-08-03, setting aside the CIRP. The Erstwhile IRP then filed I.A. No.692/2023 seeking the release of CIRP costs and fees. The IRP later filed a memo stating that the CIRP costs and fees had been settled by the Respondent. The relevance of these facts lies in the sequence of events leading to the CIRP's initiation, its subsequent reversal by the NCLAT, and the final settlement
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The case involves an application (I.A. No.692/2023) filed by the Erstwhile Interim Resolution Professional (IRP) under Section 60(5) of the I & B Code, 2016, seeking directions against the Respondents to release CIRP costs and fees. The Corporate Insolvency Resolution Process (CIRP) was initiated, and an IRP was appointed. Subsequently, the suspended Directors of the Corporate Debtor filed an appeal before the NCLAT. A joint application was filed by both parties, and the NCLAT allowed the application, setting aside the CIRP initiation. The Applicant Counsel argues that the Adjudicating Authority has the power to fix the expenses incurred by the IRP during the CIRP.
M/s. Indiabulls Housing Finance Limited filed a petition against M/s. Mantri Techzone Private Limited. The Adjudicating Authority admitted the C.P and appointed an IRP on 2023-06-23. The suspended Directors of Mantri Techzone Private Limited filed an appeal before the NCLAT. Subsequently, a joint application (I.A No.778/2023) was filed by both parties, and the NCLAT allowed the application on 2023-08-03, setting aside the CIRP. The Erstwhile IRP then filed I.A. No.692/2023 seeking the release of CIRP costs and fees. The IRP later filed a memo stating that the CIRP costs and fees had been settled by the Respondent. The relevance of these facts lies in the sequence of events leading to the CIRP's initiation, its subsequent reversal by the NCLAT, and the final settlement
…The Adjudicating…
The NCLAT allowed the…