9911796707
TMI Blog2019 (1) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... terminated by judgment of this Appellate Tribunal dated 17th July, 2018, thereby we find that the Interim Resolution Professional has worked for 27 days. We find that the ‘Interim Resolution Professional’ has performed duty only for 27 days and not incurred any expenses, except for travelling allowance which he is entitled to, we hold that ₹ 5 Lakh (Rupees Five Lakhs Only) allowed by the Adjudicating Authority is excessive. Adjudicating Authority has failed to notice that claim of ₹ 6 Lakh (Rupees Six Lakhs Only) was made by the firm namely ‘Ensemble Resolution Professionals Pvt. Ltd.’, payable to the Interim Resolution Professional. As the aforesaid firm is not eligible or entitled to receive any fees or any cut or commission from the fees of the ‘Interim Resolution Professional’, demand of Rupees Six Lakhs cannot be accepted. Taking into consideration the facts and circumstances of the case, we are of the view that a sum of ₹ 1.5 Lakhs (Rupees One Lakh Fifty Thousand) should be paid in favour of the ‘Interim Resolution Professional’ for his functioning for period of 27 days (which is approximately 30 days). In addition ₹ 25,000/-, is allowed towa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal pursuant to which he forwarded email on 22nd December, 2017, relevant of which reads as follows:- 6. Pursuant to the said communication while application under Section 7 was filed by the Financial Creditor, one Mr. Gurmeet Singh was proposed as Interim Resolution Professional for initiation of Corporate Insolvency Resolution Process against M/s Bhasin Infotech and Infrastructure Private Limited (Corporate Debtor - Appellant herein). 7. The application under Section 7 was admitted by the Adjudicating Authority on 13th June, 2018, which was challenged by the shareholder of the Corporate Debtor (Appellant) before this Appellate Tribunal. On 22nd June, 2018, this Appellate Tribunal stayed the public announcement of insolvency. Subsequently, the Appellate Tribunal heard the parties on merit and quashed the order of admission by judgment dated 17th July, 2018 and set aside the initiation of Corporate Insolvency Resolution Process against the Corporate Debtor and remitted the matter to the Adjudicating Authority to decide the fee payable to the Interim Resolution Professional . 8. Thereafter when the matter was taken up, the Adjudicating Authority passed the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame of the corporate debtor] Madam/Sir, I, [name of proposed interim resolution professional], an insolvency professional registered with [name of insolvency professional agency] having registration number [registration number] have been proposed as the interim resolution professional by [name of applicant financial creditor] in connection with the proposed corporate insolvency resolution process of [name of the corporate debtor]. In accordance with rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, I hereby: ( i) agree to accept appointment as the interim resolution professional if an order admitting the present application is passed; ( ii) state that the registration number allotted to me by the Board is [insert registration number] and that I am currently qualified to practice as an insolvency professional; ( iii) disclose that I am currently serving as an interim resolution professional / resolution professional / liquidator in [insert number of proceedings] proceedings; ( iv) certify that there are no disciplinary proceedings pending against me with the Board or [name of the insolvency pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion expenses means the fee to the paid to the Interim Resolution Professional and other expenses , including the cost of engaging professional advisors, to be incurred by the Interim Resolution Professional. 16. It is not in dispute that the Interim Resolution Professional has not incurred any expenses such as issuance of advertisement, the cost of engaging professional advisors in view of the interim order passed by this Appellate Tribunal. Therefore, it is to be determined that what fee is payable to the Interim Resolution Professional . 17. From the record and the e-mail communication dated 22nd December, 2017, as quoted above, we find that no communication was made between the Financial Creditor (applicant) and the Interim Resolution Professional as required under the provisions of I B Code and Regulation framed therein (including Form-2), which is required to be filed. The e-mail aforesaid shows that the said e-mail was sent by one Mr. Sanjeev Ahuja, Insolvency Professional , as the Founder Director of Ensemble Resolution Professionals Pvt. Ltd. which is a registered Insolvency Professional Entity ( IPE for short) with IBBI. Said IPE have a group of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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