TaxTMI 
TaxTMI 
2021 (8) TMI 157
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....ill 07.01.2020 and to decide about the person liable to pay the said fee of the IRP and also to decide the person who will pay the expenses incurred during the CIRP period. II. Pass such other order, which the Adjudicating Authority deem fit and proper in the facts and circumstances of the case. 2. The application for initiating CIRP was filed by M/s. Anhui Technology Imo & Exp Co. Ltd. Ltd. against the Corporate Debtor M/s. Pantel Technologies Pvt. Ltd. under Section 9 of the IBC, which was admitted by the Adjudicating Authority vide order dated 19.09.2019 and appointed Mr. Gautam Singhal as the IRP. 3. The Applicant constituted the Committee of Creditors with the sole Financial Creditor i.e. M/s. Noble Cooperative Bank Ltd. The first ....
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....d by the CoC. The Applicant proposed for approval of fee of Rs. 4,00,000/- per month plus applicable taxes from 19.10.2019 till appointment of the RP however, the CoC proposed the professional fee of Rs. 1,25,000/- per month plus applicable taxes from 19.10.2019 the sole member of the CoC cast its vote against the resolution pertaining to the fee of the applicant. 6. Further it is submitted that one of the suspended members of the board of directors of the Corporate Debtor had filed an appeal bearing No. 1090/2019 titled Suman Chakraborty Vs. Anhui Technology Imp & Exp Co. Ltd. before the Hon'ble NCLAT wherein the Hon'ble NCLAT vide its order dated 07.01.2020, set aside the order dated 19.09.2019 of the Adjudicating Authority and d....
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....4 Registered valuers namely Mr. Alok Kaushik, Mr. Pradeep Kumar, Mr. Anil Rustagi and Mr. Ajay Kumar Siwach for a professional fee of Rs. 75,000/- plus GST for each of the registered valuers. The Applicant had also appointed a Forensic Auditor Ms. Shilpi Sikka (Charted Accountant) for a professional fees of Rs. 5,00,000/- including GST and other taxes. The applicant had also appointed a charted accountant Mr. Ankit Gupta for a professional fee of Rs. 2,00,000/- including GST and other statutory taxes. The Respondent No. 1 submits that the aforesaid professionals were appointed in the month of November 2019 on such higher fee, suo-moto by the Applicant in the most arbitrary manner without taking in confidence the Respondent No. 1 being the s....
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.... the sole COC member having 100% voting rights. That the Applicant had utterly failed to present before this Adjudicating authority as well as the Respondent No. 1, the sole COC member, in its instant Application as well, regarding the genuinity of the bills and invoices presented and annexed in its instant application as the said bills were never ever presented before the Respondent No. 1. 11. In order to decide the present issue at hand we would like to refer to the Regulation 33 of the Insolvency Resolution Process Cost Chapter IX: 33. Costs of the interim resolution professional. (1) The applicant shall fix the expenses to be incurred on or by the interim resolution professional. (2) The Adjudicating Authority shall fix expenses ....
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....al. 14. The Applicant herein the IRP has also placed on records documents for expense of Rs. 88,474/- made during 12.12.2019 to 07.01.2020. Vide order date 07.01.2020 the Hon'ble NCLAT while setting aside the CIRP of the Corporate Debtor directed the IRP to hand over the assets of the Directors/Promoters of the Corporate Debtor. The Applicant/IRP has also claimed the handing over charges of Rs. 2500/-. 15. We would like to refer to the judgment dated 06.03.2018 of the Hon'ble NCLAT in the matter of State Bank of India Vs. SKC Retails Ltd. Through IRP & Anr. Company Appeal (AT) (Insolvency) No. 08 & 43 AND 09 of 2018. The issue raised was "Whether the Committee of Creditors are liable to bear the expenses incurred by the Insolvenc....