Regulation 33 - Costs of the interim resolution professional.
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 Chapter IX INSOLVENCY RESOLUTION PROCESS COSTS
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Interim resolution professional expenses must be fixed by applicant and become insolvency resolution process costs after committee ratification. The applicant shall fix expenses to be incurred by the interim resolution professional; if not fixed, the adjudicating authority shall fix them. The applicant bears these expenses, which are reimbursable by the committee of creditors to the extent it ratifies them. Amounts ratified by the committee are treated as insolvency resolution process costs. 'Expenses' include the interim resolution professional's fee, any insolvency professional entity fee, fees of engaged professionals, and other expenses incurred by the interim resolution professional.
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 expenses must be fixed by applicant and become insolvency resolution process costs after committee ratification.
The applicant shall fix expenses to be incurred by the interim resolution professional; if not fixed, the adjudicating authority shall fix them. The applicant bears these expenses, which are reimbursable by the committee of creditors to the extent it ratifies them. Amounts ratified by the committee are treated as insolvency resolution process costs. "Expenses" include the interim resolution professional's fee, any insolvency professional entity fee, fees of engaged professionals, and other expenses incurred by the interim resolution professional.
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