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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.
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.
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