2022 (11) TMI 165

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....t Appeal has been filed by the Appellant being aggrieved and dissatisfied by the order dated 06.08.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) in I.A. (IB) No. 219/KB/2021 in C.P. (IB) No. 185/KB/2018 whereby and whereunder I.A. (IB) No. 219/KB/2021 was disposed of with a direction that payment of Rs. 15,00,000/- as a consolidated fee to the Resolution Professional for the entire CIRP period and this shall be paid within a period of two weeks from today. 2. The facts giving rise to this Appeal are as follows: i) The Appellant is the West Bengal Financial Corporation (henceforth WBCF) constituted under the State Financial Corporations Act, 1951 (as amended up to date), enacted by the Pa....

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....RP conducted by the IRP of which Rs. 2,50,000/- was the fees of the IRP for the CIRP period only i.e. for one month. v) Further the Adjudicating Authority vide order dated 31.12.2019 appointed the Interim Resolution Professional as the Resolution Professional (for short RP). In the 3rd meeting of the COC, the RP informed the Committee that his fees need to be decided which was postponed for subsequent meetings. In the 5th meeting of the COC, the RP placed a note under Agenda 8 wherein he sought approval of his fees at the rate of Rs. 2.50 Lacs per month with a maximum of Rs. 15 Lacs. The Agenda 8 is extracted below: "Agenda 8: The resolution professional placed a note requesting for approval of his fees (appended) at the rate of Rs. 2.50....

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....1594.41 including interest. As against such a huge demand, the Appellant was not able to recover any amount from the Corporate Debtor and as such they are unable to make such payment towards the fees of Resolution Professional. 4. It is further submitted that the voting share of WBFC is 74.01% and thus the proportionate amount of the Resolution Professional fees that WBFC needs to pay is Rs. 11,10,150/-. The resolution plan submitted by the Resolution Professional was not a pragmatic one and it failed to attract prospective buyers. The tenure of the Resolution Professional is long and other than conducting a few meetings, he failed to function satisfactorily and place a practical resolution plan to revive the unit as a result of which the ....

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....se none of the CoC members chose to appear despite service of notice. 7. It is further submitted that the Respondent No. 1 has not received any fees whatsoever throughout the CIRP. It is absurd and contrary to the provisions of the Code for the CoC to force the Resolution Professional to conduct the CIRP without any fees whatsoever. It is further submitted that the CoC comprised of total 6 members including the Appellant (who enjoyed 74.01% share). All the 5 other CoC members has duly complied with the order dated 06.08.2021 and paid their share of the fee to the Resolution Professional. This goes to show that there is actually no grievance of the CoC against the Resolution Professional and that the appellant is wrongfully withholding paym....