The case involves a Company Appeal (AT) (Insolvency) No. 228 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The 'Indian Overseas Bank', the sole member of the ‘Committee of Creditors' of 'M/s. Associated Trade Logistics Pvt. Ltd.', raised a dispute regarding the payment of Rs. 1,00,000/- per month to the ‘Resolution Professional', as directed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, through an order dated 23rd January, 2019. The Adjudicating Authority had noticed expenses and fees amounting to Rs. 2,57,152/-. A change in relation to the appointment of the ‘Resolution Professional' was contemplated, and a further claim of Rs. 7,10,000/- was raised by the ‘Resolution Professional'.
M/s. Air Shagoon (Network) Pvt. Ltd. filed an appeal against M/s. Associated Trade Logistic Pvt. Ltd. before the National Company Law Appellate Tribunal (NCLAT). The 'Indian Overseas Bank', being the sole member of the ‘Committee of Creditors' of 'M/s. Associated Trade Logistics Pvt. Ltd.', disputed the payment of Rs. 1,00,000/- per month to the ‘Resolution Professional', as previously directed by the Adjudicating Authority (National Company Law Tribunal). The Adjudicating Authority had noted expenses and fees of Rs. 2,57,152/-. The Resolution Professional also raised a further claim of Rs. 7,10,000/-. The appellant argued that the bank only objected to the amount of Rs. 4 lakh allowed towards the Resolution Professional's fees for four months, instead of Rs. 8 lakh.
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The case involves a Company Appeal (AT) (Insolvency) No. 228 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The 'Indian Overseas Bank', the sole member of the ‘Committee of Creditors' of 'M/s. Associated Trade Logistics Pvt. Ltd.', raised a dispute regarding the payment of Rs. 1,00,000/- per month to the ‘Resolution Professional', as directed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, through an order dated 23rd January, 2019. The Adjudicating Authority had noticed expenses and fees amounting to Rs. 2,57,152/-. A change in relation to the appointment of the ‘Resolution Professional' was contemplated, and a further claim of Rs. 7,10,000/- was raised by the ‘Resolution Professional'.
M/s. Air Shagoon (Network) Pvt. Ltd. filed an appeal against M/s. Associated Trade Logistic Pvt. Ltd. before the National Company Law Appellate Tribunal (NCLAT). The 'Indian Overseas Bank', being the sole member of the ‘Committee of Creditors' of 'M/s. Associated Trade Logistics Pvt. Ltd.', disputed the payment of Rs. 1,00,000/- per month to the ‘Resolution Professional', as previously directed by the Adjudicating Authority (National Company Law Tribunal). The Adjudicating Authority had noted expenses and fees of Rs. 2,57,152/-. The Resolution Professional also raised a further claim of Rs. 7,10,000/-. The appellant argued that the bank only objected to the amount of Rs. 4 lakh allowed towards the Resolution Professional's fees for four months, instead of Rs. 8 lakh.
Date of the order passed by the Adjudicating…
Date of the NCL…
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