9911796707
TMI Blog2022 (11) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... ration the Circular of the IBBI dated 16.01.2018 and the Circular dated 12.06.2018, made mention of by the Appellants (in the Counter to IA Nos.295/2021 in CP (IB) No.165/BB/2018 filed on behalf of the Committee of Creditors 3rd to 4th Respondent), and in the event of any payment not being made, and also not filing the Receipt, for the said payment, is to provide an opportunity of Hearing to the Appellants and other Parties to the proceedings / List, by adhering to the principles of natural Justice and to pass a reasoned speaking order on Merits, in a qualitative and quantitative term, adverting to the points raised by the parties and make out the same in one way or the other, completely, comprehensively and finally dispose of the said appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt / State Bank of India had filed a Reply (to IA No.295/2021 in CP (IB) No.165/BB/2018), stating that Circular of the IBBI bearing No.IP/004/2018 dated 16.01.2018 had proceeded to the following effect: - Para 2 : The Code of Conduct for Insolvency Professionals under the IBBI (Insolvency Professionals) Regulations, 2016 require that an insolvency professional must provide services for remuneration which is charge in a transparent manner, and is a reasonable reflection of the work necessarily and properly undertaken. He shall not accept any fees or charges other than those which are disclosed to and approved by the persons fixing his remuneration . The fees charged should be reasonable and to directly related to the work done ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vency Professionals under the IBBI (Insolvency Professionals) Regulations, 2016 require that an insolvency professional must provide services for remuneration which is charged in a transparent manner, and is a reasonable reflection of the work necessarily and properly undertaken. He shall not accept any fees or charges other than those which are disclosed to and approved by the persons fixing his remuneration. 3. In view of the above, it is clarified that an insolvency professional shall render services for a fee which is a reasonable reflection of his work, raise bills / invoices in the name towards such fees, and such fees shall be paid to his bank account. Any payment of fees for the services of any insolvency professional to any pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out delving deep into the subject matter in issue, and not expressing any opinion, one way or the other, on the Merits , of the pending matter, at this stage, simpliciter, directs the Adjudicating Authority (National Company Law Tribunal, Bengaluru Bench, Bengaluru) to take into consideration the Circular of the IBBI dated 16.01.2018 and the Circular dated 12.06.2018, made mention of by the Appellants (in the Counter to IA Nos.295/2021 in CP (IB) No.165/BB/2018 filed on behalf of the Committee of Creditors 3rd to 4th Respondent), and in the event of any payment not being made , and also not filing the Receipt , for the said payment, is to provide an opportunity of Hearing to the Appellants and other Parties to the proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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