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TMI Blog2021 (12) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... or the CoC to pay ₹ 3,00,000.00 plus applicable GST i.e. ₹ 60000.00 per year - application disposed off. - IA No.23 of 2021 IN C.P. (IB) No.03/GB/2020 - - - Dated:- 23-12-2021 - Hon ble Shri Rohit Kapoor, Member (J) And Hon ble Shri Prasanta Kumar Mohanty, Member (T) MR. S. RAMPURIA CA PETITIONER PRESENT IN VIDEO MR. KAMAL AGARWAL RP IN PERSON RESPONDENT CONFERENCE ORDER [Per: Mr. Prasanta Kumar Mohanty, Member (T)] 1. This Application is filed by Mr. Bijoy Kumar Agarwala under Section 60(5) of IBC read with Rule 11 of NCLT Rules with a request to issue necessary direction to Mr. Kamal Agarwal, the Respondent No.1 herein to submit the Transaction Audit Report to the Hon ble Bench along with his observations and Volkswagen Finance Pvt. Ltd., [Respondent No.2- COC] herein for payment of the Transaction Audit Fees of ₹ 4,00,000.00 (Rupees Four lacs only) along with applicable GST for the period ended 31.03.2015 to 26.02.2020. 2. The facts of the case as enumerated in the Application are that the Applicant was appointed as the Transaction Auditor in the matter of the Corporate Debtor by the erstwhile Resolution Professional [Respondent No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ersely related to the findings in the Report and the Professional Fees cannot dilute the sub Stratum of the findings for which law is framed to provide justice to the victim and fees is not so important. 3.7. The Applicant had received an email on 04.03.2021 related to the 6th COC meeting without any Agenda from the Respondent No.1 Mr. Kamal Agarwal to be held at Guwahati on 06.03.2021 at 11 AM. The Applicant had participated in person at the 6th COC meeting. In the meeting all the agenda as proposed by the Respondent No.1 had been approved on the spot by the Respondent No.2 except Agenda Item No.6 which reads as under: To Ratify the fee of the Transaction Auditor / forensic Auditor appointed by the erstwhile IRP/RP Mr. Amit Pareek. 3.8. The representative of the Respondent No.2 Financial Creditor M/s. Volkswagen Finance (P) Ltd., Mr. R. Birandrer Singh Rawat contacted the Applicant over phone on 09.03.2021 and requested the Applicant to agree on initial approval of Total Fees at ₹ 1.00 lac or else he had to take permission from senior officers, which was not accepted by him considering the effort, time and the nature of professional job involved. It is also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. In compliance of the directions of this Hon ble Court vide its Order dated 22.09.2021 directing the resolution professional to convene a meeting of the suspended management and the transaction auditor within 3 days, the resolution professional sent an email on 22.09.2021 calling for the meeting on 25.09.2021 at 5.00 PM at Guwahati. It is however admitted that an inadvertent error happened and the e-mail id of the transaction Auditor was missed despite having addressed the e-mail to him as well. 2. That the meeting was attended to by Mr. Gautam Saha on behalf of the suspended management with limited information and records as detailed in the minutes of the meeting which was circulated to the suspended management as well as the transaction auditor. 1. Pursuant to the direction of the Hon ble NCLT Guwahati Bench vide its order dated 22.09.2021, a physical meeting was called to allow the suspended board a last and final opportunity to submit all the pending information / records as detailed in the mail dated 06.09.2021. 2. The suspended board was required to provide with the following documents vide e-mail dated 06.09.2021 and reminder e-mail dated 22.09.2021. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from the students from 01.04.2015 onwards year wise and the mode of receipt whether cash / cheque. Status: - Excel Working of fees received for the financial year 2018-2019 (from 01.04.2018 to 19.12.2018) as well as a fee structure for 2018-19 is provided. Mr Gautam Saha was asked to provide a soft copy of the excel sheet as well. 5. Since the suspended management failed to provide all the necessary information and records as required by the RP, the applicant / transaction auditor was requested to proceed with the finalization of his report with the information as was made available to him. In addition to this, the resolution professional also provided the applicant / transaction auditor with the tally data comprising of 7488 entries of the bank statements of the corporate debtor along with its directors, related parties and Potential Concept Educations. ORDER 6. The matter was taken up on 28.07.2021, 13.08.2021, 01.09.2021, 22.09.2021 and 29.09.2021 However during the last hearing the learned Counsel for the Petitioner has submitted that the Applicant has filed Additional Transaction Audit Report with the RP on the basis of information available with him. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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