Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Insolvency and BankruptcyAugust 3, 2022Case LawsAT
Fixing the fee of IRP - fee of an RP falls under the definition of a ‘Claim’ as defined under the Code or not - The word ‘expenses’ includes the fee to be paid to the Resolution Professional. Viewed from any angle, the fees of an RP cannot be considered to be a ‘Claim’ as defined under Section 3(6) of the Code. The Liquidator can only verify and adjudicate the ‘Claims’ as defined under the Code. Since the amount of fees payable to an RP is not a ‘Claim’, the same cannot be determined or verified by Liquidator. - AT
Fixing the fee of IRP - fee of an RP falls under the definition of a ‘Claim’ as defined under the Code or not - The word ‘expenses’ includes the fee to be paid to the Resolution Professional. Viewed from any angle, the fees of an RP cannot be considered to be a ‘Claim’ as defined under Section 3(6) of the Code. The Liquidator can only verify and adjudicate the ‘Claims’ as defined under the Code. Since the amount of fees payable to an RP is not a ‘Claim’, the same cannot be determined or verified by Liquidator. - AT
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