Regulation 32 - Costs of the interim resolution professional
Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 Chapter IX FAST TRACK PROCESS COSTS
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Interim resolution professional costs must be fixed by the applicant; adjudicator fixes if not, and ratified costs are reimbursable. The applicant must fix expenses for the interim resolution professional; if it does not, the adjudicating authority will fix them. The applicant initially bears the expenses, which the committee of creditors may reimburse to the extent it ratifies; amounts ratified by the committee are treated as fast track process costs. 'Expenses' include the interim resolution professional's fee and other costs, including fees for professional advisors.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interim resolution professional costs must be fixed by the applicant; adjudicator fixes if not, and ratified costs are reimbursable.
The applicant must fix expenses for the interim resolution professional; if it does not, the adjudicating authority will fix them. The applicant initially bears the expenses, which the committee of creditors may reimburse to the extent it ratifies; amounts ratified by the committee are treated as fast track process costs. "Expenses" include the interim resolution professional's fee and other costs, including fees for professional advisors.
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