2025 (5) TMI 2005

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....t the order dated 20.10.2023 by which an application bearing IA No. 2321/MB/C-IV/2023 filed in CP (IB) 2207/MB/C-IV/2019 by the Interim Resolution Professional (IRP), invoking Rule 11 of NCLT Rules, 2016 for release of the professional fee and Corporate Insolvency Resolution Process (CIRP) expense to the tune of Rs. 93,78, 920/- and Legal Cost of Rs. 40, 000/- by the Respondents has been disposed of, restricting it to an amount of Rs. 20 lakhs plus GST plus expenses which has been ordered to be paid to the applicant. 2. One Satish Sadashiv Rane (FC) filed an application under Section 7 of the IBC, 2016 against the Shah Group Buliders Ltd. (SGBL) (CD) bearing CP (IB) No. 2207/ MB/C-IV/2019 before the National Company Law Tribunal, Mumbai Be....

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....er: "F. As per the order dated 17.03.2023, the CIRP Cost and IRP's fee outstanding till 28-02-2023 of Rs. 90,90,626 is to be paid by the Corporate Debtor and the schedule of the same is confirmed by Directors of SGBL. Further, as per para k "settlement and payment Modalities" of the Settlement agreement dated 20th September, 2021 it was agreed that cost and expenses shall be borne by the Corporate Debtor till disposal of 12A application. Hence, in addition to aforementioned amount, proportionate fees of Rs. 2,91,194/- for the month of March till 17-03-2023 i.e. the date of pronouncement of order needs to be paid. Summary of the payment to be made: Particulars Amount in Rs. As per the approved detailed written submission attached ....

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....ed the impugned order on 20.10.2023 and in the findings recorded it has been observed in paragraph 10 deeply. "10. This bench notices that in view of the sequence of events no substantial professional work was done by the IRP after the date of settlement and the fee demanded by the IRP is neither fair and just nor reasonable". 12. It is also observed that since Rs. 20 lakhs was ordered to be paid on 10.08.2023, therefore, the claim of the appellant is restricted to the amount of Rs. 20 lakhs only plus GST and expenses without giving any reason as to why the entire amount is not to be paid. 13. Counsel for the appellant has submitted that the impugned order is totally non-speaking and it violates the Principles of natural justice because....