The NCLAT, an Appellate Tribunal, addressed a contempt petition ...

NCLAT addressed contempt petition on RP fees. Adjudicating Authority can set fees under CIRP Regulations. Financial Creditor to pay fees and expenses.

July 4, 2024

Case Laws     Insolvency and Bankruptcy     AT

The NCLAT, an Appellate Tribunal, addressed a contempt petition regarding the determination of the Resolution Professional's (RP's) fees and expenses. The Appellate Tribunal held that the Adjudicating Authority has jurisdiction to determine the fees and expenses under Regulation 33(2) of CIRP Regulations 2016. The Adjudicating Authority complied with the Tribunal's direction to determine the fees. The Financial Creditor was directed to pay Rs. 7,30,000/- as RP's fee and Rs. 2,41,512/- as CIRP expenses, with a specific payment timeline. An uncalled-for direction was set aside, and the appeal was disposed of, emphasizing the Financial Creditor's liability to pay the determined amounts.

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