2026 (3) TMI 416

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....ng delay in paragraph 4 of the application. Delay in re-filing appeal is condoned. Company Appeal (AT) (Insolvency) No. 336 of 2026 :- Heard Counsel for the Appellant. 2. This Appeal has been filed against the order dated 31.10.2025 passed by the Adjudicating Authority in IA No.2848 of 2025. The Appellant who was erstwhile Resolution Professional has filed the application praying for reliefs as quoted in paragraph 1 of the order which is as follows:- "INTERIM RELIEF SOUGHT a) That the Respondent No.2 be directed not to disburse any amount in favour of any of the creditors who are members of Stakeholders Consultative Committee till disposal of the present Application, b) That the Respondent/SCC be ordered ....

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....e Adjudicating Authority which are as follows:- "9. On perusal of said invoice and calculation provided by Applicant at Annexure D2, it is noted that the Applicant had deducted 495 days as exempt period for determination of time period within the realization of assets and distribution of proceeds therefrom took place. At page 40 of the Application, the Applicant has provided following table for determination of period claimed suo-moto as exempt from liquidation period: ECL Liquidators fees working as on Nov 23, Liquidator changed on 12.11.23 ICD Date 01.12.2020 Sr. Event/Contingency From To No. of day   1. COVID 19 mandatory close down 24.03.2020 30.04.2021 284   2. Medical ....

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....ave no hesitation to hold that the applicant has already withdrawn amounts towards his fees payable in terms of Regulation 4(2) in excess of what was due to him and is liable to refund the amounts so withdrawn in excess along with GST. The Respondent No. 2 has determined the fees payable to the applicant as follows: Liquidator fee as per regulation Amount realised Estimated liquidation cost Net amount realised (Excluding liquidation cost) Amount Distributed to Stakeholders 53,02,85,406 35000000 49,52,85,406 48,01,38,870   Percentage of fee on amount realised/distributed (Excluding liquidation cost)     Amount Realisation in first six month In next six month Thereafter Fees....

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....he Applicant has already withdrawn a sum of Rs. 1,49,54,048/- plus GST. Thus, the applicant is liable to refund a sum of Rs. 72,51,530/- (Rs. 1,49,54,048 - Rs. 76,92,336 - Rs. 10,182) plus GST @ 18% thereon amounting to Rs. 13,05,275/- wrongfully collected from the account of Corporate Debtor. The said amount shall be refunded back within 30 days from the date of last withdrawal of money towards his fees and shall carry interest @ 12% p.a. if not paid within the period so allowed." 4. Learned Counsel for the Appellant challenging the order submits that the Appellant was suffering and was hospitalised, hence, the period of 141 days which Item No.3 in Paragraph 9 was claimed which has not been granted by the Adjudicating Authority. 5. W....