2022 (2) TMI 1229

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....ate JUDGEMENT Per: Harnam Singh Thakur, Member (Judicial) The present application is filed under Section 27(3) of Insolvency and Bankruptcy Code, 2016 for the appointment of Sh. Vijay Kumar Gupta as Resolution Professional bearing Registration No. IBBI/IIPA-001/IP-P00262/2017-18/10500 by replacing Mr. Khushvinder Singhal, the Resolution Professional. 2. It is submitted that in the aforesaid matter, Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Bestways Transport (India) Private Limited vide order C.P.(IB) No. 30/Chd/Hry/2019 dated 26.03.2021 of this Tribunal on an application filed by an operational creditor namely M/s. Pawan Cargo forwards (P) Limited under Section 9 of the Code. Mr. Khushvinder Sing....

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....hereafter, as per provision of section 27 of the IBC Code, the current IA No.341/2021 was filed on dated 24.05.2021. 5. It is submitted by the applicant that any action taken after the filing of the present application, by the current Resolution Professional is beyond the provisions of the Code, and have been done with the sole intent to increase the cost of the Resolution process and raise his willing amount. It is submitted that the Insolvency Resolution Process cost (IRPC) submitted by the current Resolution Professional before the second CoC meeting dated 17.05.2021 has already been ratified by the CoC after scrutinizing the same. 6. It is further submitted by the applicant that the current Resolution Professional took action with....

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....n Professional Fees (May to January) 1800000 854820 358380 586800 3. CIRP Expenses for the month of April(including IRP fees) 50000 23745 9955 16300 4. Web page Charges 5000 2374.5 995.5 1630 5. Printing & Stationery 10898 5175.46 2169.79 3552.75 6. Clerkage Charges 10000 4749 1991 3260 7. IBBI Filing Expenses 6557.92 3114.36 1305.68 2137.88 8. Drafting ,Filling and Pleading Expenses (Application u/s 19(2) 53100 25217 10572 17311 9. Drafting, Filing & Pleading Expenses (Forensic Application) 55000 26119 10951 17930 10. Drafting Expenses (Application against COC members) 35000 16621 6969 ....

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....rusal of record and recommendation of CoC, we are of the considered view that Mr. Vijay Kumar Gupta be appointed as Resolution Professional, replacing Mr. Khushvinder Singhal, the current Resolution Professional. Also, the new Resolution Professional to reconstitute the Committee of Creditors as per the prescribed rules and regulations in the Code. 12. Accordingly, IA No. 341/2021 is disposed of with the following directions; a. Mr. Khushvinder Singhal, Resolution Professional, shall hand over the entire record and the assets of the corporate debtor, if any, in his possession to the newly appointed Resolution Professional immediately; b. Mr. Vijay Kumar Gupta shall take over the charge of the entire records and assets o....