2020 (1) TMI 1536

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....The controversy is with respect to the professional fees and reimbursement of expenses to be made to the IRP. As per the Operational Creditor, the sole member of the CoC, it is submitted that he had only proposed a consolidated fee. of Rs. 1 lakh to be paid inclusive of all expenses till the first meeting of the CoC. Though repudiated by the IRP, even this has not been fully paid. The IRP has subm....

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....er of the CoC not being interested in prosecuting the CIR process, it would be expedient to terminate the CIR process. In view of the above, the CIR process is hereby terminated. The Corporate Debtor is released from the rigors of the moratorium and is permitted to function through its own board. We find that the Operational Creditor has not only failed to reimburse the expenses and fees of the In....