2019 (11) TMI 1279

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.... O R D E R 1. In this writ petition, challenge is laid to the order 14.11.2019 passed by respondent no.1/IRBI. The operative directions are contained in paragraph 5.2.3 of the impugned order. The said paragraph is extracted hereafter: "5.2.3 Mr Mahender Kumar Khandelwal shall not accept any new assignment either as IRP or RP till: i. he deposits the monetary penalty of Rs. 29,24,167/- (Twenty Nine Lacs Twenty Four Thousand One Hundred and Sixty Seven only) with the Board; and ii. produces evidence to the Board of deposit of Rs. 12,09,90,185/- (Twelve Crores Nine Lacs Ninety Thousand One Hundred and Eighty Five only) in CD's Account. 2. Notice in this petition was issued on 19.11.2019 when the following was recorded: "3. For t....

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....ing application is concerned, respondent no.2/COC was represented on that day by advocates.   3. Learned counsel for respondent no.2/COC says that they are ad idem with the petitioner insofar as the IRP costs are concerned. It is, however, the submission of the counsel for respondent no.2/COC that they are in the process of filing an action for impugning the circular dated 12.6.2018 which forms, inter alia, the basis on which respondent no.1/IRBI has issued the directions contained in the impugned order. 3.1 Learned counsel for respondent no.2/COC says, therefore, not only the aforementioned circular but also the impugned order will be challenged. 4. As noted by me on 19.11.2019, respondent no.2/COC at its meeting held on 10.10.2018....

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....orate Debtor's funds in regard to the payment of fees of Cyril Amarchand Mangaldas by the Resolution Professional, the approval of the Committee of Creditors is accorded to reimburse the Corporate Debtor of the amount of fees and other charges total bills) [paid to Cyril Amarchand Mangaldas during the corporate insolvency resolution process in proportion to their respective voting shares." The representative of Punjab. National Bank ("PNB") suggested a slight modification with respect to the above Resolution. He, suggested, that "authentication" should be changed to "confirmation". The representative of SBI supported the views of PNB and stated that it is not possible for them to authenticate each and every bill of CAM. the representative....

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....chand, Mangaldas by the Resolution Professional, firstly It has to be reimbursed from the amount that the Resolution Applicant is paying to the creditors or from payments received from the Resolution Applicant in this respect, and secondly, in the event of legal concerns arising before Resolution Applicant pays, in that case it will be reimbursed on a pro-rata basis by the members of the Committee of Creditors based on the voting share of the members." There were no further comments from the members on the same and the said Resolution with necessary modifications was put to vote. The Chairman asked the members to vote on the above resolution through e-voting facility as per the instructions for e-voting." (emphasis is mine) 4.1 This re....