2021 (12) TMI 1273

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....mar Bhola, Member (T) For the Appellant : Mayuri Raghuvansh and Yash Aggarwal, Advocates For the Respondents : Sanjay Jain and Ishita Jain, Advocates ORDER Bachu Venkat Balaram Das, Member (J) 1. The instant Application has been filed by erstwhile liquidator of M/s. Newgen Speciality Plastics Ltd., (CD) appointed by this Tribunal vide order dated 06.01.2020 seeking directions to Respondent No....

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....filed a response to the said application filed by former Liquidator. He has submitted that the claim of present Applicant for payment of professional fee was placed before the 5th CoC meeting held on 19.06.2019 and in the Resolution same meeting which was held that Liquidator's fee will be as prescribed in the fee table under Regulation 4(3) of the IBBI (Liquidation Process) Regulations, 2016.....

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....ld on 19.03.2021 and 17.06.2021. 4. Admittedly, the present Applicant was appointed as a Liquidator and functioned as such from 06.01.2020 to 06.01.2021. An amount of Rs. 28,42,452/- was also reimbursed to him for the expenses incurred by on various acts during his tenure as a liquidator. It is further seen from the records that this Tribunal while passing the order of Liquidation dated 06.01.202....

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....the restrained order passed by the Hon'ble Appellate Tribunal he could not liquidate any of the assets of the Corporate Debtor and for that reason he cannot be denied of legitimate fees. We find force with the contention of the Applicant/erstwhile liquidator. Having considered the submissions made by the parties and the directions given by this Tribunal vide order dated 06.01.2020 while passin....