9911796707
TMI Blog2022 (3) TMI 413X X X X Extracts X X X X X X X X Extracts X X X X ..... period under consequence of his appointment of 'Interim Resolution Professional' of the 'Corporate Debtor' had incurred 'Legal expenses' in defending the compliances instituted by the 1st Respondent before the Insolvency Bankruptcy Board of India and ICAI and the same is properly approved by means of invoices submitted by him. The grievance of the Appellant is that his remuneration on being appointed as "Interim Resolution Professional" of the Corporate Debtor was fixed at Rupees one lakh only, out of which Rupees Fifty Thousand Only was paid by the 1st Respondent. It is the contention of the Appellant that he had incurred numerous legal expenses and prior to the balance payment being paid to him, he was removed from the position of 'Inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was rejected by COC" 6. Applicant has not attached with the typed set any approval from COC regarding his fees and expenses. 7. Applicant has attached in the typed set (page 108 to 110) order dated 15.11.2019 of the Indian Institute of Insolvency Professionals of ICAI (IIIPI) on a complaint filed by Mr. Gagan Bothra.R.1. Excerpts from Page 2 of the said order dt. 15.11.2019 on Allegation 4 the Committee observation (relevant portion) is reproduced below:- "Further from the documents available on record it has also been observed that approval of fee of the complainee amounting to Rs. 1.5 lakhs instead of Rs. 1 Lakh (out of which Rs. 50000 was duly paid by the complainant in cash) was placed before the COC for approval. The CoC in its m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant, who appears in person and noticed the same. Considering the fact that the Appellant had failed to furnish any written communication between himself and one Mr. Gagan Bothra (Applicant) in CP No.540 (IB) of 2018. Acceding the same, fee payable to the Appellant/Applicant and as such the balance of claim, this Tribunal comes to a consequent conclusion that the Instant Company Appeal stands Sans merits. In this connection, this 'Tribunal' on going through the Impugned Order dated 23.11.2021 in MA/98/2020 in CP/540/IB/2018 is of the earnest opinion that the 'Adjudicating Authority' (National Company Law Tribunal, Chennai Bench-1, Chennai) had rightly opined by the COC had not approved the legal expenses payable to the Interim R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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