2022 (5) TMI 257

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....dated 16th March, 2022 passed by the Adjudicating Authority by which I.A. No. 1 of 2022 in CP(IB) No. 171/Chd/Pb/2019 filed by the Operational Creditor by which Application permission was sought of the Tribunal to withdraw the petition, was allowed. 3. The Adjudicating Authority by allowing application has also directed payment of Rs. 1,10,000/- in addition to Rs. 75,000/- which was already paid to the IRP. The IRP aggrieved by the said Order, has come up in this Appeal. 4. Learned Counsel for the Appellant submits that the cost which was paid to the Appellant is not commensurate to the work which was done by the IRP. It is further submitted that there was no settlement before the IRP hence the Application under Section 12A could not ....

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....ok and the copy of the order as well as the email of the respondent. 2. In case, the service of speed post on the respondents is not effected, then the applicant shall adopt the mode of substituted service and the notice of hearing be advertised in two daily newspapers (one English and one Hindi) having wide circulation in the area and file affidavit of service along with copy of postal receipt, tracking report, copy of email and paper clippings, if applicable within two weeks. 3. Reply, if any, be filed within three weeks after receipt of notice with a copy in advance to the counsel opposite, Rejoinder thereto, if any, may be filed one week thereafter, with a copy in advance to the counsel opposite. 4. Learned Co....

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....aire Bank Ltd. in Company Appeal (AT) Ins. No. 101 and 102 of 2017 decided on 01.08.2017 held that "the Adjudicating Authority will fix the fee of 'Interim Resolution Professional' for the period he has functioned". Alhtough IRP has claimed estimated cost of Rs. 3,75,000/- but he has not forwarded the details of expenditure. He had already been paid Rs. 75,000/- as CIRP cost. Keeping in view the facts and circumstances when Corporate Insolvency Resolution Process was ordered on 22.12.2021 and present application has been filed on 03.01.2022, we direct the applicant to pay the fee of Rs. 1,10,000/- (One lakh ten thousand only) which is just, fair and reasonable in addition to Rs. 75,000/- already paid CIRP cost, including all miscellaneous e....