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2019 (1) TMI 1786 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCHLiquidation Order - CIRP Process - expiry of period of 180 days' of CIRP period - HELD THAT:- The Secured Creditor, who is none other than the SBI has already filed winding up Petition before the Hon'ble High Court, Orissa. However, it is submitted on the side of the SBI that that Petition was not admitted and publication was not at all ordered. Therefore, there is no bar in proceeding further with the CIRP process in the case in hand. As the Committee of Creditors and the IRP failed in obtaining a Resolution Plan, under sub-section 6 of Section 30 of the Insolvency & Bankruptcy Code, 2016, and since there is no extension of period of CIRP beyond 180 days, at the instance of the Committee of Creditor, I have no other alternative other than to pass the order of liquidation in the manner as laid down in Chapter III, read with Section 33 of the Insolvency & Bankruptcy Code, 2016. No reason advanced on the side of the SBI for not approving expenses rendered by the IRP. So also, no remuneration has been fixed at the said meeting. No reason also highlighted on the side of the CoC for non-approval of the fees claimed by the IRP. However, it appears to me that CoC is bound to reimburse the actual expenses rendered by the Operational Creditor for initiating the CIRP process. Therefore, the cost actually incurred and the fees for one month due to the IRP shall be fixed by the CoC and has to be paid to the Operational Creditor upon production of proof to prove that the expenses found spent by the IRP has been spent by the Operational Creditor. Upon satisfaction of SBI, the Financial Creditor the fees and expenses rendered by the IRP shall be fixed and upon proof of expenditure and payment of fees to the IRP, the CoC shall pay to the Operational Creditor within one month of the date of this order. Failing which the operational creditor can take appropriate steps to realise the cost and fees actually spent by it. An order of liquidation is passed - Application disposed off.
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