This appeal arises from a judgment of the National Company Law Appellate Tribunal (NCLAT) dated 30 July 2020, concerning Company Appeal (AT) Insolvency No 646 of 2020. The dispute involves payments of costs and expenses incurred by the Resolution Professional (RP). The respondent, a financial creditor of Poonam Drums and Containers Private Limited (the Corporate Debtor), received the appellant's technical and financial bid for appointment as an Interim Resolution Professional. Subsequently, the respondent filed a petition under Section 7 of the Insolvency and Bankruptcy Code 2016 against the Corporate Debtor, which was admitted to insolvency on 20 September 2019.
The appellant, Devarajan Raman, was appointed as an Interim Resolution Professional (IRP) for Poonam Drums and Containers Private Limited (the Corporate Debtor) after the Corporate Debtor was admitted into insolvency proceedings following a Section 7 petition filed by the respondent, Bank of India Limited. The NCLAT later set aside the NCLT's order initiating the CIRP, remitting the matter back to the NCLT to determine the costs and fees payable to the IRP. The appellant sought payment of outstanding fees and costs, but the NCLT awarded a consolidated amount of Rs 5,00,000 plus GST. The appellant appealed to the NCLAT, which dismissed the appeal. The appellant then appealed to the Supreme Court, arguing that the NCLT failed to properly assess the claim and its
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Respondent s…
Appellant submitted technical and financial…
This appeal arises from a judgment of the National Company Law Appellate Tribunal (NCLAT) dated 30 July 2020, concerning Company Appeal (AT) Insolvency No 646 of 2020. The dispute involves payments of costs and expenses incurred by the Resolution Professional (RP). The respondent, a financial creditor of Poonam Drums and Containers Private Limited (the Corporate Debtor), received the appellant's technical and financial bid for appointment as an Interim Resolution Professional. Subsequently, the respondent filed a petition under Section 7 of the Insolvency and Bankruptcy Code 2016 against the Corporate Debtor, which was admitted to insolvency on 20 September 2019.
The appellant, Devarajan Raman, was appointed as an Interim Resolution Professional (IRP) for Poonam Drums and Containers Private Limited (the Corporate Debtor) after the Corporate Debtor was admitted into insolvency proceedings following a Section 7 petition filed by the respondent, Bank of India Limited. The NCLAT later set aside the NCLT's order initiating the CIRP, remitting the matter back to the NCLT to determine the costs and fees payable to the IRP. The appellant sought payment of outstanding fees and costs, but the NCLT awarded a consolidated amount of Rs 5,00,000 plus GST. The appellant appealed to the NCLAT, which dismissed the appeal. The appellant then appealed to the Supreme Court, arguing that the NCLT failed to properly assess the claim and its
…Respondent s…
Appellant submitted technical and financial…