2019 (11) TMI 1484

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....ment of Interim Resolution Professional (IRP), who was appointed by this Adjudicating Authority as per the proposal of the Operational Creditor made in the main IB Petition. It is submitted that the CoC, with its 100% majority of voting, has passed Resolution to this effect that the present IRP, Mr. Rajesh Lohia, to be replaced with Shri Mangesh Vitthal Kekre, Registration No. IBBI/IPA-001/IP-P00539/2017-18/10964. The retiring IRP, who is also present in person, has submitted that he is having no objection so far as his replacement is concerned. However, he has pointed-out us about the decision passed by the Hon'ble National Company Appellate Tribunal (NCLAT) in Company Appeal No. 1059 of 2019, order dated 16.10.2019, confirming this....

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....fore Court-II on 22.11.2019. Meanwhile, the retiring IRP is equally expected to furnish a progress report of the CIRP to this Adjudicating Authority within two weeks, from the date of receipt of an authentic copy of this order, by serving an advance copy to the CoC. List the matter on 22.11.2019 before the Co-ordinate Bench. Prasanta Kumar Mohanty, Member (T) It is observed from the I.A. No. 679 of 2019 filed on 21.10.2019 by the Committee of Creditors that: - i. A Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by the Operational Creditor, Shri Harshad V. Vora, Proprietor of Utkarsh Steel Corporation (Applicant of CP(IB)159 of 2019) against M/s.Bhagwan Motors Pvt. Ltd., which was admitted vide ord....

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....lvency Resolution Process. iv. The Interim Resolution Professional, Mr.Rajesh Lohia had filed I.A. No.541 of 2019 on 16.08.2019 against the Corporate Debtor, Operational Creditor and Financial Creditor seeking directions that the Interim Resolution Professional be discharged from the duties and the expenses and professional fees as due and payable for an amount of Rs. 3,30,360/-, which includes one month fee of Rs. 2.50 Lakhs as per Annexure 5 of the application may be disbursed by the Committee of Creditors. v. The Adjudicating Authority passed an order on 06.09.2019, directing the Committee of Creditors to clear the dues of the Interim Resolution Professional till the appointment of new RP without any further delay. vi. Further, ....

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....e Committee of Creditors has not agreed to pay the remuneration of Rs. 2.50 Lakhs per month. The dispute regarding the payment of remuneration of fees of Interim Resolution Professional has led to the delay of completion of Corporate Insolvency Resolution Process. ix. While noting the provisions of regulation 33 of the CIRP Regulations, the Hon'ble Supreme Court (SC) held in the case of S3 Electricals and Electronics Private Limited Vs. Brian Lau & Anr., that: "A bare reading of regulation 33(3) indicates that the applicant is to bear expenses incurred by the IRP, which shall then be reimbursed by the Committee of Creditors to the extent such expenses are ratified." x. In this case, the Committee of Creditors has agreed to pay Rs.....