https://www.taxtmi.com/caselaws?id=446760 The NCLAT dismissed the liquidator's appeal challenging an order directing refund of fees charged from a scheme proponent. The liquidator claimed Rs. 23,01,000 as liquidation fee for the period during which a compromise and arrangement scheme was under consideration. The NCLAT held that under Regulation 2B of the Liquidation Regulations, 2016, liquidators can only claim costs incurred in relation to compromise arrangements, not liquidation fees, from scheme proponents. The liquidator was entitled only to expenses totaling Rs. 1,11,172, requiring refund of Rs. 22,77,108. The tribunal modified the refund amount but upheld the adjudicating authority's direction to refund wrongly collected fees. en-us Fri, 08 Dec 2023 00:00:00 +0530 Sat, 09 Dec 2023 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446760 The NCLAT dismissed the liquidator's appeal challenging an order directing refund of fees charged from a scheme proponent. The liquidator claimed Rs. 23,01,000 as liquidation fee for the period during which a compromise and arrangement scheme was under consideration. The NCLAT held that under Regulation 2B of the Liquidation Regulations, 2016, liquidators can only claim costs incurred in relation to compromise arrangements, not liquidation fees, from scheme proponents. The liquidator was entitled only to expenses totaling Rs. 1,11,172, requiring refund of Rs. 22,77,108. The tribunal modified the refund amount but upheld the adjudicating authority's direction to refund wrongly collected fees. Case-Laws Insolvency and Bankruptcy Fri, 08 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446760