9911796707
TMI Blog2021 (8) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... that the fee proposed by the Resolution Professional and stated that it was on a higher side - The Resolution Professional has discharged his duties according to section 27 of the Code from 31.12.2019 till the date the Corporate Debtor was ordered to be liquidated i.e., 18.03.2021. The Resolution Professional has performed his functions as prescribed and has invited prospective Resolution Applicants and had submitted the Resolution Plan submitted by the promoters for consideration before the CoC. The Resolution Professional has more responsibilities and duties than the Interim Resolution Professional. We are of the view that it is irrational on the part of the CoC to approve the fee of the Interim Resolution Professional at Rs.2,50,000/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rst meeting of the CoC was held on 26.12.2019. Thereafter, this Adjudicating Authority vide order dated 31.12.2019 appointed the Applicant as Resolution Professional. 4. The learned Counsel for the Applicant submits that the CoC deferred passing of the resolution with regard to the approval of fees of the Resolution Professional from the third CoC meeting. It is submitted that the CoC had approved the fees of the Interim Resolution Professional at Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand only) per month and the Resolution Professional had also proposed his fees at Rs.2,50,000/- (Rupees Two Lakh Fifty Thousand only) per month. 5. In the 8th CoC meeting held on 01.12.2020, the Applicant once again discussed the agenda for approval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed an alternate offer of Rs.15,00,000/- (Rupees Fifteen Lakh only) as a consolidated fee for the CIRP period in the 6th CoC meeting as well as the 8th CoC meeting. 10. The Resolution Professional has more responsibilities and duties than the Interim Resolution Professional. We are of the view that it is irrational on the part of the CoC to approve the fee of the Interim Resolution Professional at Rs.2,50,000/- per month but refuse payment to the Resolution Professional at par with the Interim Resolution Professional. Further, there was no plausible reason for the CoC either to defer the proposal regarding payment of fee, nor has any reason been adduced for rejecting the resolution. The CoC has failed to provide any alternative fee stru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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