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TMI Blog2020 (10) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 25,54,728/- was not paid. Therefore it is not the case of the Applicant alone that the entire claims towards various services rendered during CIRP was not paid. Moreover it is not in dispute that ₹ 50,000/- was paid each of said the valuers, which include the Applicant herein, towards the expenses incurred by them. Since the Hon'ble NCLAT set-aside the order of this Adjudicating Authority and this Hon'ble Tribunal also passed order consequently with regard to the CIRP cost, this Adjudicating Authority cannot entertain this Application and it became functous officio. The instant Application is not maintainable and also lack merits - Application dismissed. - I.A. No. 192 of 2020 in C.P. (IB) No. 244/BB/2018 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Telecom Infrastructure Limited others (Corporate Debtor) on the ground that it has committed a default for an amount of ₹ 69,18,44,425.03/- was admitted by the Adjudicating Authority, by an order dated 21.03.2019, by initiating CIRP and appointing Mr. B.Hariharin as IRP, moratorium etc. However, the COC has changed the said IRP and nominated Mrs. Bhuvaneshwari Ramanathan as the Resolution Professional and the same was approved by AA vide its order dated 26.08.2019. (2) Subsequently, the Resolution Professional appointed two registered valuers namely Mr.Alok Kaushik for Plant and machinery and Prateek Mittal for Securities and Financial Assets, vide her appointment letter dated 16.09.2019 by interalia putting condition that whole ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional fees of the valuers have already been ratified by the COC as provided in the appointment letter. She also mentioned that she' would make a representation to the Hon'ble NCLT regarding the payment of fees. The Applicant is under such undue pressure agreed for his own valuation fees at 75% of the ratified fees plus actual expenses with a hope to get his hard earned dues. It is alleged that the Resolution Professional kept the applicant valuer in dark insisting that she was talking to the COC bank for release of fees. However, on 04.03.2020, the Resolution Professional wrote to the applicant valuer that the bank has not taken into consideration the valuation report considering that the CIRP period was over and since Hon'ble N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the meanwhile, Company Appeal (AT) No. 407 of 2019 question the order of Tribunal was allowed by an order dated 18th December 2019, by setting -aside the impugned order and consequently remitted the case to the Adjudicating Authority to decide the fee and cost of CIRP as incurred by the RP, which is to be borne and paid by Dena Bank, the Financial Creditor. Based on the above order of Hon'ble NCLAT, as the valuation was in progress and the valuers were yet to complete the valuation, not yet submitted their valuation report, the Respondent RP sent mail to the valuers on 19th December 2019, cancelling the appointment of valuers, citing the above order of Hon'ble NCLAT. (2) Accordingly, the Company Petition was closed by the Adju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of admission dated 21.03.2019 passed by this Adjudicating Authority in CP (IB) No. 244/BB/ 2018 was setaside by the Hon'ble NCLAT, vide its order dated 18.12.2019 passed in Company Appeal (AT) (Insolvency) No. 407 of 2019 filed by Mr.C.Shivakumar Reddy and the penultimate directions passed in the order, are extracted below: For the reason(s) aforesaid, we set-aside the impugned order dated 21st March 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench in CP (IB) No. 244/BB/2018 and dismiss the application under Section 7 of the I B code filed by the Dena Bank. In the result, 'Corporate Debtor'- Kavveri Telecom Infrastructure Limited is released from the rigor of the 'Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso relevant to point out here that the Applicant here in, along with Mr. Prateek Mittal, were appointed by the Resolution Professional, vide her letter dated 16.09.2019 for valuation of plants and machinery and securities or financial assets. The Letter dated 16.09.2019 reads as under: I, Smt. Ramanathan Bhuvaneshwari, in my capacity as the Resolution Professional of M/s. Kavveri Telecom Infrastructure Limited hereby appoint the following Valuers as the Registered Valuers of the Company. NAME IBBI Registration No. Asset Class PAN No. Alok Kaushik IBBI/RV/05/2018/10085 Plant and Machinery AHKPK0799D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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