2024 (1) TMI 938

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.... -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Arun Baroka ] Member ( Technical ) For the Appellant : Mr. PBA Srinivasan, Ms. Nidhi Saini, Mr. Dhruv Parwal, Srishti Bansal, Sumit Swami, Pooja Kumari, V. Arvind, Advocates For the Respondents : Mr. Akshay Petka, Mr. Pranav Shah, Mr. Aniket Malu, Mr. Aditya Nair, Advocates for R....

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....or non-compliance of Order dated 13.09.2023. 6. In the present case, CIRP commenced on 01st December, 2022 where the Respondent No. 1 was appointed as IRP. In the meeting held on 02.01.2023 of the CoC, Resolution was passed for replacement of IRP with the new one and on the said ground application was filed for replacement which could be approved by the Order dated 2nd June, 2023. The Financial C....

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....as not been adverted to. 8. Learned Counsel for the IRP submits that before the Adjudicating Authority the Appellant has undertaken to clear the fees and expenses and under Order dated 01st December, 2022 they were required to deposit Rs. 5 Lakh which has not been deposited. It is submitted that IRP is entitled for fee till the order is passed by the Adjudicating Authority approving the Replaceme....

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....arned counsel for the Respondent submits that IRP is entitled for fee till order is passed by the Adjudicating Authority and minimum fee is Rs. 1 Lakh per month hence the amount communicated by the IRP i.e. Rs. 7,00,762/- which is professional fee, expenses, etc. is in accordance with law. 12. There is no denial that in pursuance of order dated 01.12.2022, Rs. 5 Lakh has not been deposited. The s....