TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 13
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....) Under Section 60(5) of the IBC 2016, by inter-alia the following reliefs: 1.) To condone the delay in preferring this application towards the order dated 19.12.2019 of this Hon'ble Bench. The concerned Resolution Professional has kept the Applicant in dark for a long time and has not herself done her duty in informing the Hon'ble NCLT for missing CIRP costs. Further the COVID-19 conditions in the country have restricted the efforts of the Applicant. 2.) This Application may kindly be allowed and the Respondent may kindly be directed to make the payment of Rs. 6,50,000/- plus applicable GST towards the valuation exercise fee, as per the appointment letter issued by the Resolution Professional. The Resolution Professional has co....
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....t information in terms of agreements being shared on 17.12.2019. The valuer kept updating the resolution professional in terms of the site visits, findings, information and access requirements and other aspects of the valuation exercise for the wide array of sites across country. The Resolution Professional was appreciative of the work done by the valuer. In order to meet day to day expenses, the valuer sought an advance amount. The Resolution Professional shared the billing details and GST details to raise the advance invoice. The Valuer raised invoice for 30% of the total professional fees of Rs. 6,50,000/- plus GST. The valuer deposited the GST heavy operating expenses and hiring services of professional at different places. (4) It is ....
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....he kept assuring the applicant that she was speaking with the COC for release of valuer fees. Only after 04.03.2020 when she wrote to the Applicant that the COC was not releasing the fees, the applicant has decided to prefer this application. The delay on preferring this application may be condoned due to present circumstances. 3. The Respondent/Ex Resolution Professional, has filed a Reply dated 23.06.2020 by inter-alia stating as follows: (1) She has appointed 2 valuers, the Applicant and another, on 16.09.2019, after the COC approved the fees for each valuer as Rs. 6,50,000/- plus Rs. 1 lakh towards expenses totalling to Rs. 7,50,000/- plus applicable GST, in the 5th COC meeting held on 11th September 2019. In the meantime, as the CIR....
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....date of receipt of the copy of the order". Finally, the COC decided to reimburse the actual expenses incurred during CIRP (as directed by Hon'ble Adjudicating Authority) and remitted the same to her on 29th February 2020, and on 2nd March 2020 communicated the breakup of the fees remitted to her. The remittance included Rs. 50,000/- towards the expenses incurred by each valuer. She in turn has remitted the amount of Rs. 50,000/- to each of the valuers on March 1, 2020 which has been confirmed by the Applicant for the amount received. Hence, when the COC has reimbursed only the actual expenses of Rs. 50,000/- incurred by the Applicant valuer, the prayer asking the RP to make the payment of fees is completely wrong and against law. There....
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....is remitted to the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench to decide the fee and cost of the 'Corporate Insolvency Resolution Process' as incurred by the 'Resolution Professional', which is to be borne and paid by the Dena Bank ('Financial Creditor'). The Appeal is allowed with the aforesaid observations and directions. No costs. " 6. In pursuant to the above order, the Tribunal closed the case by an order dated 20th December 2019 by inter-alia fixing fees @ Rs. 2,00,000/- (Rs. 2 Lakhs only) per month for the Resolution Professional Plus GST and other incidental expenses. As stated supra, the Hon'ble NCLAT has set aside all the actions taken by the Interim Resolution Professional/....