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2020 (10) TMI 1273 - AT - Insolvency and BankruptcySeeking direction to Adjudicating Authority to decide the fee and cost of the Corporate Insolvency Resolution Process as incurred by the Resolution Professional - HELD THAT - The learned Adjudicating Authority has dismissed the application in regard to further costs claimed by the Appellant Registered Valuer on the ground that such application is not maintainable and lacks merit. It has been observed in the impugned order that ₹ 50,000/- was paid to each of the Valuers which included the Appellant/ Applicant - Therefore, notwithstanding the fact that the observation as regards jurisdiction of Adjudicating Authority is unsupportable, the impugned order cannot be interfered with as the application before the Adjudicating Authority lacks merit. Appeal dismissed.
Issues:
1. Dismissal of application under Section 7 of the I&B Code 2. Dismissal of further costs claimed by the Appellant - Registered Valuer Analysis: 1. The Appellate Tribunal, in a virtual mode session, reviewed the dismissal of Company Appeal (AT) (Insolvency) No. 207 of 2017. The Tribunal set aside the order of admission passed by the Adjudicating Authority in CP(IB) No. 244/BB/2018 under Section 7 of the I&B Code. The Adjudicating Authority was directed to determine the fee and cost of the Corporate Insolvency Resolution Process, to be borne by Dena Bank, the Financial Creditor. The Tribunal upheld the dismissal of the application under Section 7, emphasizing that the costs incurred by the Resolution Professional were to be decided and paid by Dena Bank. 2. The impugned order highlighted the dismissal of further costs claimed by the Appellant, a Registered Valuer. The Adjudicating Authority deemed the application as not maintainable and lacking merit, despite each Valuer, including the Appellant, receiving a payment of ?50,000. The Tribunal acknowledged the jurisdictional concerns raised but upheld the dismissal, citing the lack of merit in the application before the Adjudicating Authority. Consequently, the appeal regarding the further costs claimed by the Appellant - Registered Valuer was dismissed by the Tribunal.
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