TaxTMI 
TaxTMI 
2021 (12) TMI 1275
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.... the case as enumerated in the Application are that the Applicant was appointed as the Transaction Auditor in the matter of the Corporate Debtor by the erstwhile Resolution Professional [Respondent No.3 herein] on 13.07.2020. 3. It is submitted by the Applicant here that:- 3.1 Transaction Auditor appointment email dated 13.07.2020, for Transaction Audit fees for the year ended 31.03.2015 to 26.02.2020, was fixed at Rs. 80,000.00 per year for the period from 01.04.2015 to 26.02.2020. 3.2 He has been informed by the Respondent No.3 - erstwhile RP that his appointment and his fees were discussed in the 2nd COC meeting held on 26.06.2020 vide Agenda Item No.7 and thereafter the minutes of 2nd COC meeting had duly been read and placed at 3rd COC held on 18.08.2020 . 3.3. The Respondent No.1, the present RP - Mr. Kamal Agarwal, who assumed the incumbency on 09.12.2020, had contacted him first time only after submission of the Transaction Audit Report on the very next day with a request to change the report, bargained his fees for the assignment. He had refused to change his report and not accepted his bargained fees and thereafter he replied that he should not use or submit t....
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....s at Rs. 1.00 lac or else he had to take permission from senior officers, which was not accepted by him considering the effort, time and the nature of professional job involved. It is also mentioned that prior to submission of the report by the Applicant, the Respondents No.1 and 2 had never contacted the Applicant to discuss about the Transaction Audit Report. 3.9 After several numbers of emails, calls, visits with the Respondent No.3 to the Suspended Board of Directors, only few documents in piece meal were provided by the Suspended Board of Directors which are not much material and or kacha in nature. 3.10 Finally the Applicant had sent an email dated 20.12.2020 to the Suspended Board of Directors to provide him the necessary documents / voucher / receipts / papers / statement in respect of the CD or else the Applicant would submit his report as per the information available, but they failed to do so. 3.11 On the basis of limited documents, vouchers, receipts, papers, statement, information etc. as available, the Applicant had completed the Transaction Audit Report on 31.01.2021 and submitted his report to the Respondent No.1 through email on 08.02.2021 at concepteduirp....
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....ed in the mail dated 06.09.2021. 2. The suspended board was required to provide with the following documents vide e-mail dated 06.09.2021 and reminder e-mail dated 22.09.2021. The status of the same is also provided below each requirements:- 1. Consolidated Tally for the year from 01.04.2015 onwards till date duly matched with the audited balance sheets of the corporate debtor for the respective years as i.e. from 31.03.2016 onwards till the Insolvency Commencement Date. Status: - Not Provided. 2. Tally data and audited financials for the partnership firm 'Potential and Concept Educations' for the financial year 2018-19, 2019-20 including the statements of all the bank accounts of the partnership firm. 3. Tally data and audited financials for the LLP 'Potential and Concept Educations' for the financial year 2018-19, 2019-20 including the statements of all the bank accounts of the partnership firm. Status: - Not provided. 4. Tally data and audited financials for the LLP 'P & C Academy LLP for the financial year 2019-20 & 2020-21 including the statements of all the bank accounts. Status: - Not Provided. ....
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....07.2021, 13.08.2021, 01.09.2021, 22.09.2021 and 29.09.2021 However during the last hearing the learned Counsel for the Petitioner has submitted that the Applicant has filed Additional Transaction Audit Report with the RP on the basis of information available with him. The RP had confirmed receipt of the additional Report and the same was taken on record. The additional report states that many irregular transactions have been undertaken by the CD, a coaching Institute, including hefty payment of Director's fees to the extent of Rs. 66.00 lacs,79.20lacs and 69.98 lacs for the period 2015 -16,2016-17 and 2017-2018 respectively. 7. The Applicant as well as the Ld. RP has stated that the Suspended Management /Directors have not cooperated fully. On the other hand the learned Counsel for the CD / Suspended Management has submitted that the records available with them have been submitted to the RP and no other records are available with them. 8. With regard to the payment of fees to the Applicant here, the RP submits that the amount claimed by the Petitioner is not in tune with the work done and detailed transaction Audit report has not been submitted. He was appointed by the earlie....