Appeal dismissed; ex-liquidator's Rs.188,02,261 fee claim denied under Reg.4(3), reg.2(1)(ea) and s.5(16) IBC confirming waterfall mechanism and fee entitlement rules The SC dismissed the appeal and upheld the NCLAT and NCLT orders rejecting an ex-liquidator's claim for fees under Regulation 4(3) of the IBBI ...
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Appeal dismissed; ex-liquidator's Rs.188,02,261 fee claim denied under Reg.4(3), reg.2(1)(ea) and s.5(16) IBC confirming waterfall mechanism and fee entitlement rules
The SC dismissed the appeal and upheld the NCLAT and NCLT orders rejecting an ex-liquidator's claim for fees under Regulation 4(3) of the IBBI (Liquidation Process) Regulations, 2016. The tribunals held the claimed Rs.188,02,261/- was not tenable under the Regulations read with reg. 2(1)(ea) and section 5(16) of the IBC, and the SC found no grounds to interfere, confirming the lower courts' application of the waterfall mechanism and fee entitlement rules.
"We find no grounds made out to interfere with the judgment and order passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi, confirming the order of the National Company Law Tribunal, Chandigarh Bench, Chandigarh." The Supreme Court dismissed the appeal, upholding the NCLAT's confirmation of the NCLT order. The court ordered that "The appeal is, accordingly, dismissed." All pending applications, if any, were also dismissed. The decision rests on the absence of substantive grounds to disturb the NCLAT/NCLT determinations, resulting in final affirmation of the lower tribunals' orders and termination of further proceedings in the appeal.
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