The case involves a dispute regarding the costs of the interim resolution professional (IRP) in an insolvency resolution process. Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, governs these costs. The applicant is responsible for bearing the expenses incurred by the RP, which are then reimbursed by the Committee of Creditors (CoC) to the extent ratified. However, in this specific case, a CoC was never formed during the interim resolution process.
S3 Electricals and Electronics Private Limited filed an appeal regarding the costs of the interim resolution professional (IRP) under the Insolvency and Bankruptcy Code. Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, stipulates that the applicant bears the IRP's expenses, which are then reimbursed by the Committee of Creditors (CoC) if ratified. In this case, no CoC was ever formed. The Adjudicating Authority had fixed expenses, and the question was who should bear these expenses in the absence of a CoC. The impugned judgment dated 02.08.2017 was challenged. Brian Lau & Anr. were the respondents.
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The case involves a dispute regarding the costs of the interim resolution professional (IRP) in an insolvency resolution process. Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, governs these costs. The applicant is responsible for bearing the expenses incurred by the RP, which are then reimbursed by the Committee of Creditors (CoC) to the extent ratified. However, in this specific case, a CoC was never formed during the interim resolution process.
S3 Electricals and Electronics Private Limited filed an appeal regarding the costs of the interim resolution professional (IRP) under the Insolvency and Bankruptcy Code. Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, stipulates that the applicant bears the IRP's expenses, which are then reimbursed by the Committee of Creditors (CoC) if ratified. In this case, no CoC was ever formed. The Adjudicating Authority had fixed expenses, and the question was who should bear these expenses in the absence of a CoC. The impugned judgment dated 02.08.2017 was challenged. Brian Lau & Anr. were the respondents.
Date of the judgment…
Date of the S…
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