2024 (4) TMI 562

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....ort under Section 112(1). b) To pass necessary orders in view of the rejection of the repayment plan by the creditors. c) To pass necessary orders to the creditors for payment of Resolution Professional fee and expenses of Rs.6,75,000/- as already approved by the creditors. 2. The Company Petition bearing CP(IB) 302/95/HDVB/2022 filed by Bank of Baroda, under Section 95 of Insolvency & Bankruptcy Code, 2016 against Mr. G. Praveen Kumar was admitted by this Adjudicating Authority, vide order dated 30.01.2023 by appointing Mr. Kedari Narsimha Rao, as Resolution Professional (RP). The communication was received by the RP only on 09.02.2023. 3. On 14.02.2023, the RP submitted his report under section 99 of IBC, 2016, vid....

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....l the creditors. 7. In the 3rd meeting of the creditors held on 12.10.2023, it was decided to seek voting on: a) Repayment plan dated 05.08.2023 submitted by the debtor envisaging the repayment of Rs. 20,00,000/- to creditors and Rs.5,00,000/- towards Insolvency Resolution Process Costs, payable in one instalment in the month of February, 2024. b) If the voting item on Repayment Plan is disapproved, to approve the Resolution Professional's fee at Rs.50,000/- per month with effect from 06.02.2023 plus out of pocket expenses. The RP's fees and out of pocket expenses are estimated to be Rs. 6,75,000/- till completion of 180 days of insolvency commencement i.e. till 24.12.2023. 8. The resolutions proposed for voting at t....