TaxTMI 
TaxTMI 
2018 (5) TMI 856
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.... Committee of Creditors against different orders passed by the Adjudicating Authority (National Company Law Tribunal, Chennai. 2. Company Appeal Nos. 8 and 43 of 2018 arises out of two different orders dated 26th October, 2017 and 14th November, 2017. By the first order dated 26th October, 2017, the Committee of Creditors have been directed to bear the rest of the expenses in proportion to the amount claimed by the Insolvency Resolution Professional (IRP) and reads as follows: "Counsel for Petitioner present. Ms. V. Santhiya, representative of IRP present. It relates to the order that has been passed on 12.07.2017 wherein the Corporate Insolvency Resolution process was initiated against the Corporate Debtor, moratorium was declared and t....
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....urities are available as to pay fee to the IRP. Based on this plea, the Financial Creditor prayed to recall the order dated 26.10.2017. The plea made by the Financial Creditor is devoid of merits for the reasons that even if no securities are available, the IRP has to be paid. In that event it is the duty of the CoC to make payment of the remuneration in proportion to their total credit. The Applicant/Operational Creditor has already paid expenses for public announcement and he is also ready to share the burden of the remuneration to the extent of 1/4th of the total. Therefore, in the circumstances, the Applicant cannot be burdened for payment of whole of the remuneration to the IRP. In view of this, we reiterate the order dated 26.10.2017 ....
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....ed off." 5. The main plea taken by the appellant is that the Committee of Creditors are not liable to bear any fees of the Insolvency Resolution Professional. 6. The question arises for consideration in this Appeal is whether the Committee of Creditors are liable to bear the expenses incurred by the Insolvency Resolution Professional or not. 7. Learned counsel appearing on behalf of the appellant reiterated the argument that the Committee of Creditors are not liable to pay the expenses of the Insolvency Resolution Professional. 8. Learned counsel appearing on behalf of the 2nd Respondent -IFFCO TOKIO General Insurance Co. Ltd., another member of the Committee of Creditors submitted that the expenses of Resolution Professional should be....
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....d to fix the expenses where the applicant has not fixed expenses under sub-regulation (1) of Regulation 33. In such case, the applicant, who has filed the application under Section 7 or 9 of the I & B Code, is required to bear the expenses which is to be reimbursed by the committee of creditors to the extent the Committee of Creditors ratifies the same. 11. In the present case, the application was filed by the respondent(s) under Section 7 of the I & B Code, 2016 in Company Appeal (AT)(Insolvency) Nos. 08 & 43 of 2018 and under Section 9 of the I & B Code, 2016 in Company Appeal (AT)(Insolvency) No. 09 of 2018. The name of resolution professional were suggested by the applicant of such application. Therefore, as per sub-regulation (1) of R....