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of <h1>Appellate Tribunal sets aside admission order under I&B Code, shifts costs to Financial Creditor.</h1> <h3>Alok Kaushik (Registered Valuer in the CIRP of Kavveri Telecom Infrastructure Ltd.) Versus Mrs. Bhuvaneshwari Ramanathan (Resolution Professional in Kavveri Telecom Infrastructure Ltd.) & Ors.</h3> Alok Kaushik (Registered Valuer in the CIRP of Kavveri Telecom Infrastructure Ltd.) Versus Mrs. Bhuvaneshwari Ramanathan (Resolution Professional in ... Issues:1. Dismissal of application under Section 7 of the I&B Code2. Dismissal of further costs claimed by the Appellant - Registered ValuerAnalysis: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.
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