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        Case ID :
        IBC

        NCLAT allowed the appeal, set aside the impugned order and...

        Negative 39.4% vote defeats 66% sanction; RP cannot charge CIRP costs without interim finance under Sections 5, 28, Reg 34(B)

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                NCLAT allowed the appeal, set aside the impugned order and granted no order as to costs. The Tribunal held that the RP's attempt to charge CIRP costs from the Appellant as a "contribution" in proportion to CoC voting share was impermissible absent valid interim finance authorised under the Code. Section 5 definitions and Section 28 require any interim finance to be sanctioned by a 66% CoC vote; Regulation 34(B) permits RP's fee to be paid from available CD funds or duly raised interim finance only. The Appellant's negative vote (39.4%) defeated the requisite 66% approval, rendering the prior order erroneous.
                                Note: It is a system-generated summary and is for quick reference only.
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