Fee and other Expenses incurred for Corporate Insolvency Resolution Process

Insolvency resolution process costs must be reasonable, necessary to CIRP, disclosed and CoC approved when required.

Insolvency professionals must ensure fees and expenses in CIRP are reasonable, necessary to the process, and determined at arm's length; maintain contemporaneous records and supporting documentation for at least three years; obtain CoC approval where required; disclose itemised IRPC in prescribed Forms; and ensure only costs permitted under the Code and regulations are included in insolvency resolution process costs, with Insolvency Professional Agencies required to publish and monitor disclosures and report non-compliance to the Board.