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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 ..... (Technical) Counsel Represent : Sanjay Kumar Ruia, CA & Ranga Dao Doradia, CA ORDER 1. The Company Petition bearing No. CP (IB) SR No. 4322/9/HDB/2017 is filed by Shri Shrikrishna Rail Engineers Pvt. Ltd. against Madhucon Projects Limited U/s. 9 of the IBC, 2016, by seeking the following reliefs: a. To pass appropriate orders under section 9 of the IBC, 2016 against the Respondent Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assignment dated 03.11.2017. While perusing the records, the Adjudicating Authority was alarmingly shocked/ surprised to notice that the Professional Fee quoted by the proposed IRP is Rs. 5 Crores till the First Committee of Creditors Meeting. Further it is noticed that fee for the subsequent months as IRP/RP on a per month basis is Rs. 1.75 Crores. The Adjudicating Authority also noted that total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... works out to Rs. 1.10 crores per annum, whereas, the proposed IRP has quoted exorbitant amount as stated above. 5. In view of the above, the Adjudicating Authority is of the considered view that-the remuneration quoted by 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x months. When Adjudicating Authority raised any concern over the exorbitant fee quoted by IRP it was subsequently substantially reduced to Rs. 9,00.000/- (almost 90% lesser than the original fee quoted).
7. Therefore, the Registry is directed to forward a copy of this Order along with the Order in the case of Raj Steels to the Chairman, IBBI.
8. Post the matter on 05.12.2017. X X X X Extracts X X X X X X X X Extracts X X X X
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