9911796707
TMI Blog2024 (7) TMI 197X X X X Extracts X X X X X X X X Extracts X X X X ..... proceed for computation of fee and expenses, not agreed upon. When the Appellate Tribunal vide its order dated 11.12.2019 has specifically directed in paragraph 19 that Financial Creditor is liable to pay the CIRP cost and fees which was to be reported to the Adjudicating Authority and which was to be determined, the Adjudicating Authority has ample jurisdiction to proceed to examine the entitlement of the fee and expenses. The direction of the Appellate Tribunal has been substantially complied by the Adjudicating Authority by determining the fee and expenses. The order passed by this Appellate Tribunal on 11.12.2019 is final and binding between the parties and the Financial Creditor cannot escape from liability to pay fee and expenses. Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority dated 03.05.2019, which appeal came to be allowed by order dated 11.12.2019 in Comp. App. (AT) (Ins.) No. 558 of 2019. This Appellate Tribunal while allowing the appeal issued following directions in paragraphs 18 19, which are as follows: 18. We conclude that there is no default. For the aforesaid reasons, we allow the appeal, quash and set aside the impugned order dated 03.05.2019 and the Corporate Debtor is released from rigour of Corporate Insolvency Resolution Process. The Interim Resolution Professional/Resolution Professional will hand over the management, assets and records to the Corporate Debtor/Promoter/Board of Directors. Henceforth the Corporate Debtor will function independently through its Board of Directors. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said order has dismissed the Contempt Petition. No appeal having been filed against the order dismissing the Contempt Petition the said direction has become final between the parties. 4. Learned Counsel for the Appellant challenging the order contends that in the contempt jurisdiction, Adjudicating Authority ought not to have proceeded to compute the fee and expenses of the RP. He further submits that as per the order of this Appellate Tribunal dated 11.12.2019, the Report ought to have been filed by the RP before the Adjudicating Authority and it was the Adjudicating Authority who was to determine the fee and expenses and no Report having been filed by the RP, order of the Adjudicating Authority is unsustainable. He further submits that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to pay the CIRP cost and fees which was to be reported to the Adjudicating Authority and which was to be determined, the Adjudicating Authority has ample jurisdiction to proceed to examine the entitlement of the fee and expenses. 8. The submission of the Counsel for the Appellant is that in exercise of power under Regulation 33(2) of CIRP Regulations 2016, the Adjudicating Authority could have been determined but not in the contempt jurisdiction. The direction of the Appellate Tribunal has been substantially complied by the Adjudicating Authority by determining the fee and expenses. The order passed by this Appellate Tribunal on 11.12.2019 is final and binding between the parties and the Financial Creditor cannot escape from liability to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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