Appellate Tribunal sets aside admission order under I&B Code, shifts costs to Financial Creditor. The Appellate Tribunal set aside the order of admission under Section 7 of the I&B Code, directing the Adjudicating Authority to determine the fee and ...
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.
Appellate Tribunal sets aside admission order under I&B Code, shifts costs to Financial Creditor.
The Appellate Tribunal set aside the order of admission under Section 7 of the I&B Code, directing the Adjudicating Authority to determine the fee and cost of the Corporate Insolvency Resolution Process to be borne by the Financial Creditor. The Tribunal upheld the dismissal of the application under Section 7, emphasizing that costs incurred by the Resolution Professional were to be decided and paid by the Financial Creditor. Additionally, the Tribunal dismissed the appeal regarding further costs claimed by the Registered Valuer, citing lack of merit in the application before the Adjudicating Authority.
Issues: 1. Dismissal of application under Section 7 of the I&B Code 2. Dismissal of further costs claimed by the Appellant - Registered Valuer
Analysis: 1. The Appellate Tribunal, in a virtual mode session, reviewed the dismissal of Company Appeal (AT) (Insolvency) No. 207 of 2017. The Tribunal set aside the order of admission passed by the Adjudicating Authority in CP(IB) No. 244/BB/2018 under Section 7 of the I&B Code. The Adjudicating Authority was directed to determine the fee and cost of the Corporate Insolvency Resolution Process, to be borne by Dena Bank, the Financial Creditor. The Tribunal upheld the dismissal of the application under Section 7, emphasizing that the costs incurred by the Resolution Professional were to be decided and paid by Dena Bank.
2. The impugned order highlighted the dismissal of further costs claimed by the Appellant, a Registered Valuer. The Adjudicating Authority deemed the application as not maintainable and lacking merit, despite each Valuer, including the Appellant, receiving a payment of Rs. 50,000. The Tribunal acknowledged the jurisdictional concerns raised but upheld the dismissal, citing the lack of merit in the application before the Adjudicating Authority. Consequently, the appeal regarding the further costs claimed by the Appellant - Registered Valuer was dismissed by the Tribunal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
