TaxTMI 
TaxTMI 
2020 (10) TMI 13
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....Applicant /Registered Valuer in CIRP') 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 Reso....
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....tion at one time and shared with the Valuer over a period of time with the last 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 ....
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....nt and actions have prevented the Applicant/Valuer in preferring this application earlier. She 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/-....
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....nd thereafter the COC has to sanction the fees accordingly and pay the same within a period of 4 weeks of form the 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 ....
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....ds and assets of the 'Corporate Debtor' to the Promoters/Directors of the 'Corporate Debtor' immediately. The matter 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 a....
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.... were filed along with the Petition, which says the total CIRP cost is Rs. 37,85,728/- out of which, only Rs. 8 Lakhs towards Interim Resolution Professional fees, Rs. 2,95,000/- towards Resolution Professional (Respondent) and advertisement cost of Rs. 1,36,000/- was paid and the remaining balance of Rs. 25,54,728/- was not paid. Therefore it is not the case of the Applicant alone that the entire claims towards various services rendered during CIRP was not paid. Moreover it is not in dispute that Rs. 50,000/- was paid each of said the valuers, which include the Applicant herein, towards the expenses incurred by them. Since the Hon'ble NCLAT set-aside the order of this Adjudicating Authority and this Hon'ble Tribunal also passed ord....