https://www.taxtmi.com/caselaws?id=418549 The National Company Law Appellate Tribunal (NCLAT) upheld the jurisdiction of the Insolvency and Bankruptcy Board of India (IBBI) to regulate fee payments to Interim Resolution Professionals (IRP) and Resolution Professionals (RP). The NCLAT affirmed the Adjudicating Authority's decision to seek recommendations from IBBI on fee payment matters. It was clarified that while the Adjudicating Authority has the final decision-making authority on fee entitlement, seeking recommendations from IBBI does not undermine its jurisdiction. The appeal was disposed of with the direction for the Adjudicating Authority to promptly resolve the fee payment issue based on IBBI's recommendations. en-us Fri, 18 Feb 2022 00:00:00 +0530 Sat, 19 Feb 2022 07:03:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418549 The National Company Law Appellate Tribunal (NCLAT) upheld the jurisdiction of the Insolvency and Bankruptcy Board of India (IBBI) to regulate fee payments to Interim Resolution Professionals (IRP) and Resolution Professionals (RP). The NCLAT affirmed the Adjudicating Authority's decision to seek recommendations from IBBI on fee payment matters. It was clarified that while the Adjudicating Authority has the final decision-making authority on fee entitlement, seeking recommendations from IBBI does not undermine its jurisdiction. The appeal was disposed of with the direction for the Adjudicating Authority to promptly resolve the fee payment issue based on IBBI's recommendations. Case-Laws Insolvency and Bankruptcy Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418549