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NCLAT upheld the Adjudicating Authority's refusal to grant the Liquidator's claimed remuneration under Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016. It held that the Liquidator's fee, being percentage-based on assets realised or distributed net of liquidation costs, was not payable as no assets were realised or distributed during the liquidation period. The Tribunal further noted that neither the CoC, at the time of recommending liquidation, nor the SCC subsequently, had fixed or approved any separate fee for the present Liquidator. Consequently, the Liquidator's application seeking a fixed fee of Rs. 2.5 lakhs per month was rejected as untenable, and the appeal was dismissed.
NCLAT upheld the Adjudicating Authority's refusal to grant the Liquidator's claimed remuneration under Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016. It held that the Liquidator's fee, being percentage-based on assets realised or distributed net of liquidation costs, was not payable as no assets were realised or distributed during the liquidation period. The Tribunal further noted that neither the CoC, at the time of recommending liquidation, nor the SCC subsequently, had fixed or approved any separate fee for the present Liquidator. Consequently, the Liquidator's application seeking a fixed fee of Rs. 2.5 lakhs per month was rejected as untenable, and the appeal was dismissed.
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