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The NCLAT upheld the Adjudicating Authority's order directing payment of fees and expenses to the IRP, rejecting the appellant's contention regarding non-ratification by the CoC. The Tribunal clarified that ratification, as per Section 196 of the Indian Contract Act, is a procedural affirmation of a prior decision and can be express or implied. The 2nd CoC meeting ratified the minutes of the 1st CoC meeting, thereby validating the IRP's fee and expenses incurred during his tenure. Consequently, the issue of non-ratification does not preclude payment to the IRP under Regulation 33(3) of the IBBI Regulations. The appellate challenge was found devoid of merit, and the appeal was dismissed, affirming the IRP's entitlement to the remitted amount without interference.
The NCLAT upheld the Adjudicating Authority's order directing payment of fees and expenses to the IRP, rejecting the appellant's contention regarding non-ratification by the CoC. The Tribunal clarified that ratification, as per Section 196 of the Indian Contract Act, is a procedural affirmation of a prior decision and can be express or implied. The 2nd CoC meeting ratified the minutes of the 1st CoC meeting, thereby validating the IRP's fee and expenses incurred during his tenure. Consequently, the issue of non-ratification does not preclude payment to the IRP under Regulation 33(3) of the IBBI Regulations. The appellate challenge was found devoid of merit, and the appeal was dismissed, affirming the IRP's entitlement to the remitted amount without interference.
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