https://www.taxtmi.com/article/detailed?id=9469 The insolvency expense-allocation framework requires the applicant to bear expenses incurred by the Interim Resolution Professional, subject to reimbursement by a Committee of Creditors to the extent ratified; absent a constituted committee the applicant remains liable. A tribunal order directing the corporate debtor to pay IRP fees applied general court-costs reasoning that conflicted with these specific insolvency provisions. Procedural shortcomings included lack of opportunity for the debtor to be heard and indicators of hasty tribunal decision-making, underscoring a need to improve tribunal team quality and procedural adherence. en-us Wed, 16 Sep 2020 11:08:41 +0530 Wed, 16 Sep 2020 11:08:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9469 The insolvency expense-allocation framework requires the applicant to bear expenses incurred by the Interim Resolution Professional, subject to reimbursement by a Committee of Creditors to the extent ratified; absent a constituted committee the applicant remains liable. A tribunal order directing the corporate debtor to pay IRP fees applied general court-costs reasoning that conflicted with these specific insolvency provisions. Procedural shortcomings included lack of opportunity for the debtor to be heard and indicators of hasty tribunal decision-making, underscoring a need to improve tribunal team quality and procedural adherence. Articles Corporate Laws / IBC / SEBI Wed, 16 Sep 2020 11:08:41 +0530 https://www.taxtmi.com/article/detailed?id=9469