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TMI Blog2018 (7) TMI 1984X X X X Extracts X X X X X X X X Extracts X X X X ..... Application beyond 270 days by Committee of Creditors, this hurdle can be removed by taking shelter of an Order of Hon'ble NCLAT. This Miscellaneous Application is disposed off. - MA 580/2018 in CP (1B) 1268/MB/MAH/2017 - - - Dated:- 25-7-2018 - Shri M.K. Shrawat, J. For the Petitioner(s): Vishal Jain And Rajesh Mali, For the Respondent(s): Mr. Sanjay Ruia, Ms. Sharmila U. Deshmukh, Ms. Komal Jain, M.K. Shrawat, INTERIM ORDER 1. On behalf the Committee of Creditors this Miscellaneous Application is submitted on 13.06.2018 raising the following Prayers:- 1. That the resolution professional, Mr. Sanjay Kumar Ruia be replaced by resolution professional Mr. Anurag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions ofthe Code ofConduct prescnbedby the Insolvency andBankruptcy Board ofIndia (Insolvency Professional) Regulations, 2016. 2. Admitted factual position is that an Order was passed on 16.08.2017 u/s.9 of I B Code titled as M/S. Jai Ambe Enterprises (Operational Creditor/Petitioner) and M/S. S.N. Plumbing (Operational Debtor/Respondent) in CP No. 1268/1BC/NCLT/MB/2017. 3. As per the said Order, Mr. Sanjay Kumar Ruia had been appointed as IRP who has submitted report time to time. Committee of Creditors was constituted and meetings were held. Process of Insolvency took long time, hence vide an Order of 07.02.2018, 90 days' extension was granted. The said Resolution Professional has informed that on 22.02.2018, Fourt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame of the substituted Resolution Professional Mr. Anurag Jain along with his consent. The Committee of Creditors have also submitted a Miscellaneous Application with the Prayer that the matter be recommended to IBBI for conducting an inquiry and to set aside the appointment of Resolution Professional which was made by aforementioned Order dated 16.08.2017. It is also alleged that the Resolution Professional has not granted 30 days' time as prescribed under Regulation 36-A of the Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for submission of Resolution Plan. Allegation is that only 7 days' time was advertised, which was against the provisions of The Code. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so argued that after the completion of the period of 270 days the Committee of Creditors has no legal right to move a Miscellaneous Application, hence deserves rejection. However, on the other hand, the Committee of Creditors has vehemently represented that the conduct of the Resolution Professional was not fair and Fees has been charged exorbitantly amounting to which according to Committee of Creditors could not be approved. 7.1. On due consideration of the totality of the circumstances it is worth to mention few points that on appointment of Resolution Professional certain steps have been taken by him as prescribed under I B Code, such as Advertisement in the Newspaper, Constitution of Committee of Creditors and representation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Committee of Creditors and the Corporate Debtor as prescribed under The Code vide Regulation 33 of the IBBI (Corporate Insolvency Resolution Process) Regulations now finalised as below:- Sr. No. Particulars Amount in Rs. As Claimed As Revised 1. Interim Resolution Professional's fees till 25.10.2017 (₹ 12,00,000/-) To be paid to Jai Ambe Enterprise Sanjay Kumar Ruia 2,00,000/- 10,00,000/- 2,00,000/- 3,00,000/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total Fees Payable including that of Auditors 1,18,50,000/- 21,10,000/- Add: Goods and Service Tax @ 18% 21,33,000/- Total Fees including Tax Payable 1,39,83,000/- 8. Reimbursement of Travelling, Lodging and Boarding Expenses incurred ₹ 5,86,334/- less Rs. (recovered out of Chalet Hotel Settlement) incurred by Sanjay Kumar Ruia Balance Due ₹ 2,36,334/- 5,86,334/- 2,36,334/- 9. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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