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2022 (11) TMI 839 - AT - Insolvency and BankruptcyDirection to Financial Creditors to pay the dues of erstwhile RP - reasonable fees or not - case of Appellants/ Respondents are that they are saddled with Harsh and Burdensome order thereby, their rights are prejudiced and affected - opportunity of hearing - principles of natural justice - HELD THAT - This Tribunal, without delving deep into the subject matter in issue, and not expressing any opinion, one way or the other, on the Merits, of the pending matter, at this stage, simpliciter, directs the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench, Bengaluru) to take into consideration the Circular of the IBBI dated 16.01.2018 and the Circular dated 12.06.2018, made mention of by the Appellants (in the Counter to IA Nos.295/2021 in CP (IB) No.165/BB/2018 filed on behalf of the Committee of Creditors 3rd to 4th Respondent), and in the event of any payment not being made, and also not filing the Receipt, for the said payment, is to provide an opportunity of Hearing to the Appellants and other Parties to the proceedings / List, by adhering to the principles of natural Justice and to pass a reasoned speaking order on Merits, in a qualitative and quantitative term, adverting to the points raised by the parties and make out the same in one way or the other, completely, comprehensively and finally dispose of the said application, of course, in the manner known to Law and in accordance with Law. Appeal disposed off.
Issues:
Challenge to impugned order regarding payment to Resolution Professional's dues. Analysis: The Appellants filed Comp. App. (AT)(CH)(Ins) No.407/2022 against an order by the Adjudicating Authority directing Financial Creditors to pay the dues of the Resolution Professional within two weeks. The Appellants argued that the order was harsh and burdensome, affecting their rights. They highlighted Circulars by the IBBI emphasizing reasonable fees and expenses for professionals involved in insolvency proceedings. The Adjudicating Authority had warned of Contempt Proceedings if dues were not paid, leading to this appeal. The Appellants contended that the fees of the Resolution Professional were approved by the Committee of Creditors, preventing them from objecting to the fees before the Adjudicating Authority. The Tribunal, without delving into the merits of the case, directed the Adjudicating Authority to consider the IBBI Circulars and provide a hearing opportunity to the Appellants and other parties. The Adjudicating Authority was instructed to pass a reasoned order adhering to the principles of natural justice, considering all factual and legal pleas before making a final decision. The Tribunal emphasized that its observations should not influence the Adjudicating Authority's final decision, urging a fair, just, and objective approach in deciding the matter. The Appellants and other parties were given the liberty to present all relevant facts and legal arguments before the Adjudicating Authority for a comprehensive and final disposal of the case. The Company Appeal (AT)(CH)(Ins) No.407/2022 was disposed of with the connected IA/994/2022 and IA/995/2022 closed as well.
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