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TMI Blog2019 (1) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... d meeting. No reason also highlighted on the side of the CoC for non-approval of the fees claimed by the IRP. However, it appears to me that CoC is bound to reimburse the actual expenses rendered by the Operational Creditor for initiating the CIRP process. Therefore, the cost actually incurred and the fees for one month due to the IRP shall be fixed by the CoC and has to be paid to the Operational Creditor upon production of proof to prove that the expenses found spent by the IRP has been spent by the Operational Creditor. Upon satisfaction of SBI, the Financial Creditor the fees and expenses rendered by the IRP shall be fixed and upon proof of expenditure and payment of fees to the IRP, the CoC shall pay to the Operational Creditor within one month of the date of this order. Failing which the operational creditor can take appropriate steps to realise the cost and fees actually spent by it. An order of liquidation is passed - Application disposed off. - CP(IB) NO. 389/KB/2018 - - - Dated:- 8-1-2019 - Jinan K.R., Judicial Member For the Appearing Parties : A.K. Dhandlia, Sr. Adv. Ms. Jayati Choudhury, Debasish Chakraborty, Ms. Trisha Saha, Anand Chandra Swain, Avishek Gu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of creditors (iii) To discuss and deliberate on the statement of claim submitted to IRP (iv) To ratify the expenses incurred by IRP (v) To ratify the remuneration payable to IRP (vi) To appoint Resolution Professional either IRP or other insolvency professional as the case may be. (vii) To discuss such other matters with the permission of majority of members of the Committee of Creditors as maybe deemed necessary for smooth functioning of corporate insolvency resolution process. 7. The Ld. IRP has filed the final progress report on 16-08-2018.Dissatisfied with the said report, vide Order dated 08-10-2018, the IRP was directed to call for meeting of the Committee of Creditors so as to explore the possibility of finding out a Resolution Applicant, if it is possible before the expiry of period of 180 days' of CIRP period. The CIRP period of 180 days was expired on 05-01-2019. 8. The Ld. IRP submits that the Committee of Creditors passed a resolution to the effect that there is no possibility of continuance of resolution process under IBC for the reason of filing winding up Petition before the Hon'ble High Court at Orissa by the SBI. Such a resolution was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approve the resolution cost and fees submitted by the IRP for approval in the Committee. 13. It appears to me that passing a-resolution for liquidation in the first meeting itself without approving the appointment of IRP as RP and non approval of his fees and cost he already rendered is unfair and unjust on the side of the Committee of Creditors. Of course, here in the instant case, the IRP had done nothing other than issuance of publication and consideration of claim submitted by two Financial Creditors. One of the Financial Creditor's claim has been rejected and one another Financial Creditor's claim has been admitted and constituted a Committee of Creditor and filed the final progress report recommending liquidation because the Committee of Creditors did not pass any resolution to proceed further and did not ratify the expenses incurred by IRP and did not ratify the remuneration proposed by the IRP by not appointing the IRP as RP. 14. In the meeting held on 09-07-2018, the Committee of creditors expressed its intention not to bear the expenses. From the report submitted by the IRP and upon hearing the argument advanced on the side of the SBI, it is understood that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f fees to the IRP, the CoC shall pay to the Operational Creditor within one month of the date of this order. Failing which the operational creditor can take appropriate steps to realise the cost and fees actually spent by it. 17. Ld counsel for the Financial Creditor, whose claim was rejected submits that the IRP rejected its claim wrongly and made a request to extend the period of CIRP beyond 180 days for enabling the financial creditor to bring in a resolution applicant. Admittedly IRP has rejected IRP the claim of the Financial Creditor. It has filed CA(IB) No. 1183/KB/2018, challenging the order of rejection. Since CIRP was expired on 05-01-2019, no purpose would be served in admitting this Application. Moreover, the Committee of Creditor has decided not to proceed with the resolution. The IRP has recommended liquidation. Therefore, the Application requires no consideration. It is liable to be dismissed subject to their right to claim it again before the Liquidator who is to be appointed in the case in hand. 18. The Ld. IRP has not submitted written consent for continuing as Liquidator. For want of written consent, I am not inclined to appoint him as Liquidator. 19. Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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