2017 (11) TMI 1647

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....(Technical) Counsel Represent  : Sanjay Kumar Ruia, CA & Ranga Dao Doradia, CA ORDER 1. The Company Petition bearing No. CP (IB) SR No. 4322/9/HDB/2017 is filed by Shri Shrikrishna Rail Engineers Pvt. Ltd. against Madhucon Projects Limited U/s. 9 of the IBC, 2016, by seeking the following reliefs: a. To pass appropriate orders under section 9 of the IBC, 2016 against the Respondent Compa....

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....ssignment dated 03.11.2017. While perusing the records, the Adjudicating Authority was alarmingly shocked/ surprised to notice that the Professional Fee quoted by the proposed IRP is Rs. 5 Crores till the First Committee of Creditors Meeting. Further it is noticed that fee for the subsequent months as IRP/RP on a per month basis is Rs. 1.75 Crores. The Adjudicating Authority also noted that total ....

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....works out to Rs. 1.10 crores per annum, whereas, the proposed IRP has quoted exorbitant amount as stated above. 5. In view of the above, the Adjudicating Authority is of the considered view that-the remuneration quoted by the IRP is quite exorbitant and the same needs to be referred to IBBI. Though there are no prescribed set of Rules and Regulations/ Guidelines at present with regard to the fee ....