https://www.taxtmi.com/caselaws?id=441571 The Supreme Court clarified that expenses incurred by the Resolution Professional during the Corporate Insolvency Resolution Process were to be borne by the Bank of Baroda until the One Time Settlement (OTS) Sanction date, after which the borrower assumed responsibility. The Court emphasized that Clause 15 of the OTS Sanction specifically addressed expenses during the CIRP period, distinct from Clause 10's provisions. Pitampur Poly Products Limited agreed to pay 50% of the RP's outstanding fees and expenses, with the bank directed to cover the remaining amount. The Court ordered the release of the title deed/document upon payment, disposing of the appeal and granting parties liberty to seek clarification if necessary. en-us Tue, 04 Jul 2023 00:00:00 +0530 Fri, 11 Aug 2023 08:16:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441571 The Supreme Court clarified that expenses incurred by the Resolution Professional during the Corporate Insolvency Resolution Process were to be borne by the Bank of Baroda until the One Time Settlement (OTS) Sanction date, after which the borrower assumed responsibility. The Court emphasized that Clause 15 of the OTS Sanction specifically addressed expenses during the CIRP period, distinct from Clause 10's provisions. Pitampur Poly Products Limited agreed to pay 50% of the RP's outstanding fees and expenses, with the bank directed to cover the remaining amount. The Court ordered the release of the title deed/document upon payment, disposing of the appeal and granting parties liberty to seek clarification if necessary. Case-Laws Insolvency and Bankruptcy Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441571