Committee seeks RP change due to remuneration dispute; IBBI to address concerns swiftly. The Committee of Creditors, led by the Applicant Bank of India, has filed an application seeking the replacement of the current Resolution Professional ...
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Committee seeks RP change due to remuneration dispute; IBBI to address concerns swiftly.
The Committee of Creditors, led by the Applicant Bank of India, has filed an application seeking the replacement of the current Resolution Professional (RP), Mr. Navin Kumar Jain, with Mr. Vinay Talwar. Mr. Jain has raised concerns about nonpayment of his remuneration, which the COC considers excessive. The matter is scheduled for further proceedings, with the Bench Officer directed to expedite the appointment of Mr. Talwar as the new RP. The Insolvency and Bankruptcy Board of India will address Mr. Jain's grievances based on the initial terms of his appointment.
Issues involved: 1. Application for replacement of Resolution Professional (RP) by Committee of Creditors (COC) 2. Grievances of the existing RP regarding nonpayment of remuneration
Analysis: 1. The COC, led by the Applicant Bank of India, constituting 90% of the entire claim, has filed an application seeking the replacement of the current RP, Mr. Navin Kumar Jain, in the case. They have proposed the name of Mr. Vinay Talwar as the new RP, providing his details and certification of eligibility for conducting the Resolution Process. The proposal has been forwarded to the Insolvency and Bankruptcy Board of India (IBBI) for confirmation. The current RP, Mr. Navin Kumar Jain, has raised concerns regarding the nonpayment of his remuneration for the period he has served as the RP. The COC considers the amount claimed by Mr. Jain as excessive, and his grievances are to be addressed by the IBBI based on the terms and conditions initially proposed when he was appointed as the RP. The matter is scheduled for further proceedings on 29th January 2018, and the Bench Officer is directed to expedite the clearance process for appointing Mr. Vinay Talwar as the new RP.
2. The existing RP, Mr. Navin Kumar Jain, who was confirmed in his role on 18th December 2017, has expressed dissatisfaction with the nonpayment of his remuneration. The COC, however, views his claimed amount as excessive and has requested the IBBI to respond to Mr. Jain's concerns based on the initial terms and conditions of his appointment. The IBBI is instructed to address Mr. Jain's submissions, and a notice of the same is to be served on the IBBI for an appropriate response. The issue of Mr. Jain's remuneration and grievances is to be further deliberated upon in the upcoming proceedings on 29th January 2018. The Bench Officer is directed to promptly facilitate the approval process for appointing Mr. Vinay Talwar as the new RP in the case.
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