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TMI Blog2017 (11) TMI 1647X X X X Extracts X X X X X X X X Extracts X X X X ..... y the IRP is quite exorbitant and the same needs to be referred to IBBI. Though there are no prescribed set of Rules and Regulations/ Guidelines at present with regard to the fee to be payable to the IRP/ RP, the Adjudicating Authority is of the considered view that the fee quoted by the professionals should be reasonable, commensurate with the work to be handled. In view of the above we recommend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o pass an order for appointing Mrs. Bhavna Sanjay Ruia, Insolvency Professional to act as Interim Resolution Professional for management of the Respondent Company. 2. Heard Shri Sanjay Kumar Ruia and Shri Ranga Rao Doradla, learned CAs for the petitioner. The learned counsels for the operational creditor explained the matter and the clarifications sought by the Adjudicating Authority. Total cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Crores (including interest and retention money) . It is also observed that the fee proposed by IRP works out to ₹ 14.00 Crores approx., apart from other incidental expenses. 4. From the Annual Report of 2015-16 available publicly, the Adjudicating Authority also noted that MD Et CEO of Corporate Debtor was appointed with monthly remuneration of ₹ 5 lakhs inclusive of all allowances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority is of the considered view that the fee quoted by the professionals should be reasonable, commensurate with the work to be handled. In view of the above we recommend the matter to IBBI for taking appropriate action/remedial measure against the Proposed IRP including disciplinary action if any, as deemed fit. 6. The proposed IRP Mrs. Bhavna Sanjay Ruia (having IP Reg No. IBBI/IPA-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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