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TMI Blog2021 (4) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... with Regulations 33(2) of the Insolvency And Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 read with Rule 11 of NCLT Rules, 2016 seeking fixing of the CIRP costs and fee of the applicant along with directions to the Respondent No. 1 to pay the same. 2. This bench vide its order dated 02.09.2019 admitted the petition (IB) No. 1488(ND) of 2018 filed by the Operational Creditor against the Corporate Debtor for initiating CIRP under Section 9 of the I & B Code and thereby appointed the Applicant i.e. Mr. Suresh Kumar Goyal as the Interim Resolution Professional. That vide said order the Operational Creditor was directed to deposit a sum of Rs. 2 lacs with the IRP to meet out the expenses, whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e. date of order by Hon'ble NCLAT Delhi setting aside the order), received claims from 4 financial Creditors to the tune of Rs. 53.32 crores out of which 3 claims amounting to Rs. 9.75 crores were collated and claim of one financial creditor was under verification. Further, the IRP received 47 claims of the Operational Creditors and 19 claims from former employees amounting to Rs. 6.68 crores and Rs. 0.10 crores respectively. c) That the IRP also deputed his own staff of Chartered Accountants to verify the claims, collect all information relating to assets, finance & operations, verifying the claims, collect all information relating to assets, finance & operations, verifying the assets/stocks lying at various locations at Ghaziabad, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is confirmed as RP of the Corporate Debtor. On the basis of professional fee of Rs. 5 lakhs per month, total professional fee of IRP works out to be Rs. 9,98,387/- + GST @ 18% thereon, on the basis of total no. of days during which CIRP was carried out. 5. The reply has been filed by the corporate debtor and has asserted that the Hon'ble NCLAT order dated 08.11.2019 had held that the Corporate Debtor, shall initially pay the CIRP cost and fee fixed by the Adjudicating Authority. And the Operational Creditor shall bear the cost of CIRP by way of adjustment to its dues pending with the corporate debtor and balance borne by the operational creditor. NCLAT has also said that in the order that operational creditor should be subjected to e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ltants hired) @ Rs. 5 lakhs per month as IRP upto 1st CoC meeting and as Resolution Professional also if he is confirmed as RP of the Corporate Debtor. In this regard, the CoC had decided that decision regarding fixation of the IRP fee will be taken in the second CoC meeting. Similarly, in the second CoC meeting held on 22-10-2019, neither the decision regarding replacement of IRP with RP was taken nor the expenses incurred/fee of IRP during the said period was fixed by the CoC" 9. Following are the excerpts, of the 2nd Minutes of Meeting of CoC held on 22 Oct 2019. Agenda item No. 2.10 "During the meeting, it was informed by Union Bank of India Authorized Representative that the bank has finalized the name of Mr. Ashok Kumar Aggarwal wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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