During CIRP period, RP is responsible for discharging pending ...

During CIRP, RP liable for pending payments like maintenance, electricity as per IBC & RERA. CoC decisions on dues recovery paramount.

Case Laws Insolvency and Bankruptcy

July 24, 2024

During CIRP period, RP is responsible for discharging pending payments including maintenance charges and electricity dues as per statutory construct of IBC and RERA Act. RP made bona fide efforts to apprise allottees about clearing outstanding electricity dues to avoid disconnection. CoC's commercial decisions regarding maintenance fees and electricity dues recovery are paramount and non-justiciable. Payment of electricity charges being an essential service can be accounted as CIRP cost and Corporate Debtor is liable to pay during moratorium period. RP obligated to make payment of electricity dues as approved by CoC and apply coercive measures for collection from allottees to make payment to electricity supplier. No infirmity found in Adjudicating Authority's order.

View Source

← Previous Next →

During CIRP period, RP is responsible for discharging pending ...

During CIRP, RP liable for pending payments like maintenance, electricity as per IBC & RERA. CoC decisions on dues recovery paramount.

Case Laws Insolvency and Bankruptcy

July 24, 2024

You may also like:

Recovery of Fee payable to Resolution Professional from the Income Tax Department and the Excise and Taxation Department of state - Appellants (revenue authorities)...

Re-determination of the CIRP - The direction to CoC to redetermine the CIRP cost after approval of the Resolution Plan by the CoC is unsustainable - The audited Report...

Appeal against order filed by Resolution Professional (RP) was disposed of. Resolution Plan submitted by Appellant was approved by Committee of Creditors (CoC) on...

Corporate Insolvency Resolution Process (CIRP) - Settlement proposal initially rejected by Committee of Creditors (CoC), revised proposal submitted and pending...

The Appellant sought payment of its pre-CIRP dues from the Respondent in a manner different from the approved resolution plan, which provided for payment of pre-CIRP...

Dismissal of application seeking payment to 103 employees towards salary arrears. Settlement with 103 employees examined. No double payment made to employees. Held:...

Successful Resolution Applicant paid pre-CIRP electricity dues under protest to Respondent for restoring Corporate Debtor's electricity connection to revive operations...

CIRP - Belated claim filed - Resolution Plan has already been approved by the CoC and is pending consideration of the Adjudicating Authority - In IBC, where time-lines...

CIRP - role of IRP - The IRP is directed to proceed with CIRP. Obviously, the IRP has to take further proceeding in CIRP as per sections 18 to 21 of the IBC, 2016. He...

Permission to withdraw the Corporate Insolvency Resolution Process (CIRP) - The resolution for withdrawal of CIRP did not obtain the required percentage of voting by the...

The Appellate Tribunal upheld the Adjudicating Authority's order and dismissed the appeal filed by the Resolution Professional (RP) against the Operational Creditor. The...

Disciplinary action against a Resolution Professional (RP) for contravention of provisions of the Insolvency and Bankruptcy Code (IBC) and lack of due diligence. RP...

Constitution of Committee of Creditors (COC) - 66% needed for CIRP - as per Section 21(2) of IBC, 2016, COC shall comprise of all financial creditors and must be...

The Tribunal addressed the issue of replacing the Resolution Professional (RP) due to alleged lack of desire to streamline the process. The RP's role in preparing the...

CIRP proceedings - Infirmities and illegalities committed by the RP - it is evident that the RP had not taken any reasonable step to get the CD as going concern which is...

Quick Updates: