2022 (2) TMI 800

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....(Through Virtual Mode) Heard Shri Abhishek Garg, Learned Counsel for the Appellant, Shri PBA Srinivasan, Learned Counsel for Committee of Creditors and Shri K.D. Sharma, Learned Counsel for the Resolution Professional. With the consent of the parties, the Appeal may be disposed of at the stage of admission. 2. This Appeal has been filed against the order dated 07.01.2022 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi, Court-II on the Application being I.A 5274 of 2021 filed by the Appellant. Appellant before us was appointed as Interim Resolution Professional (IRP) by the Adjudicating Authority by its order dated 26.02.2020. In the first CoC meeting, he claimed that he should be paid Rs. 2 Lakhs per mo....

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....n Application before the Adjudicating Authority regarding his fee. 5. We have considered the submissions of the Learned Counsel for the Appellant and perused the record. 6. There is no quarrel to the preposition that it is the Adjudicating Authority which has power to take a final decision with regard to payment of fee to which IRP or RP may be entitled. In this context, judgment of the Hon'ble Supreme Court is referred in "Alok Kaushik vs. Mrs. Bhuvaneshwari Ramanathan and Ors.- Civil Appeal No. 4065 of 2020". It is thus settled law that the Adjudicating Authority is clothed with jurisdiction to take a final decision regarding entitlement of IRP or RP claiming his fee because i.e. part of the CIRP costs. 7. However, the issue whic....

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....remuneration which is charged in a transparent manner, is a reasonable reflection of the work. Item 25 of the First Schedule is as follows:- "25. An insolvency professional must provide services for remuneration which is charged in a transparent manner, is a reasonable reflection of the work necessarily and properly undertaken, and is not inconsistent with the applicable regulations." 10. We thus are of the view that IBBI is fully clothed with jurisdiction to regulate payment of remuneration of RP and IRP both by framing regulation or by issuing executive instructions till regulation are not framed can regulate the subject. We thus are of the view that IBBI till necessary regulations are not framed regulating fee is empowered to....