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TMI Blog2022 (11) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... t Appeal is hereby dismissed devoid of merit. - Company Appeal (AT) (Insolvency) No. 725 of 2021 - - - Dated:- 3-11-2022 - [Justice Anant Bijay Singh] Member (Judicial) And [Dr. Ashok Kumar Mishra] Member (Technical) For the Appellant : Mr. Madhumita Bhattacharjee, Advocate. For the Respondent : Mr. Rishav Banerjee, Mr. Avik Chowdhuri and Ms. Soumya Dutta, Advocates for R1. JUDGMENT Justice Anant Bijay Singh ; The present Appeal has been filed by the Appellant being aggrieved and dissatisfied by the order dated 06.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) in I.A. (IB) No. 219/KB/2021 in C.P. (IB) No. 185/KB/2018 whereby and whereunder I.A. (IB) No. 219/KB/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection for initiation of Corporate Insolvency Resolution Process against the Respondent No. 2 and the Respondent No. 1 was accordingly appointed as the Interim Resolution Professional and then Resolution Professional. iv) Further case is that in the first meeting of the Committee of Creditors of Glaze International Pvt. Ltd. held on 26.12.2019 it was decided that an amount of Rs. 2,76,240/- was approved towards the fees and preliminary expenses of the CIRP conducted by the IRP of which Rs. 2,50,000/- was the fees of the IRP for the CIRP period only i.e. for one month. v) Further the Adjudicating Authority vide order dated 31.12.2019 appointed the Interim Resolution Professional as the Resolution Professional (for short RP). In the 3rd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm loans aggregating Rs. 1550 Lakh to Glaze Infrastructure Pvt. Ltd. between 2010 and 2013 for setting up a laminated and toughened glass manufacturing unit at Ganipur, South 24 Parganas. The account of the Corporate Debtor is in heavy default for a long time and there has not been any recovery during last few years and a huge amount of public fund is blocked and the account position has taken an alarming shape, the outstanding-cum-default amount as on 30.06.2021 is Rs. 20,64,81594.41 including interest. As against such a huge demand, the Appellant was not able to recover any amount from the Corporate Debtor and as such they are unable to make such payment towards the fees of Resolution Professional. 4. It is further submitted that the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority praying for payment of fees which the Respondent No. 1 in good faith had restricted to a total of Rs. 15 Lakhs though he was actually entitled to much higher fees (more than Rs. 35 lakhs calculated @ Rs. 2.50 lakhs per month, which was approved as IRP fees). It is a matter of undisputed record that despite several notices issued to the CoC members, nobody appeared to represent the CoC Members at the time of hearing of the application. The impugned order was passed ex-parte because none of the CoC members chose to appear despite service of notice. 7. It is further submitted that the Respondent No. 1 has not received any fees whatsoever throughout the CIRP. It is absurd and contrary to the provisions of the Code for the CoC to f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editors, M/s Smartec Build Systems Pvt. Ltd. in Civil Appeal Nos. 2190/2020. Based on these submissions, the Adjudicating Authority has rightly passed the impugned order, therefore, there is no merit in the present Appeal, the Appeal is fit to be dismissed. FINDINGS 10. After hearing the parties and going through the pleadings made on behalf of the parties and also in view of the resolution in its fifth meeting of Committee of Creditors held on 23rd September, 2020 whereby the Committee of Creditors approved the fees of Resolution Professional at the rate of Rs. 2.50 lacs per month with a maximum of Rs. 15 lacs (at page 41 to 43 of the Appeal Paper Book), we are of the view that the Adjudicating Authority has rightly considered al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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