TaxTMI 
TaxTMI 
2019 (11) TMI 1279
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....Advocates for respondent no. 2 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 i....
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....cordance with the law. 11. Dasti under signatures of the Court Master." 2.1 Insofar as the writ petition and the pending 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 bu....
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....LVED THAT in case of any concerns or objections are raised by the Resolution Professional due to any legal concerns/challenges raised on payments being paid from the Corporate 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 t....
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.... legal concerns / challenges raised by IBBI or any other regulatory/statutory authorities on payments being paid from the Corporate Debtor's funds in regard to the payment of fees of Cyril, Amarchand, 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 wi....