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2019 (5) TMI 1238 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process - declaration of ‘Moratorium’ - debt amount in default for Financial Creditor - HELD THAT:- This Bench has not been informed whether any Information Memorandum is prepared by the Ld. RP and whether advertisement has been made inviting Expression of Interest (EoI). It is also not on record whether any Valuation Report is procured by RP. Rather as of now, as informed, the ‘Insolvency Process’ is heading towards ‘Liquidation’ of the company. On verification of description of the expenses, it is noticed that “D&P fees” claimed at ₹1,59,74,250/- and likewise, rest of the fees such as Lawyer fees, meeting fees, the RP insurance appeared to be towards higher side. In the absence of explanation of each items, had to be supported by corroborative evidence, it is not possible on the part of this Bench to allow entire expenditure. This Bench is of the opinion that a guideline can be obtained from IBBI, New Delhi that whether any Regulation or any Notification about the fixation of remuneration of RP has been issued as a guiding factor. I, therefore, refer this problem i.e. fixation of CIRP cost, etc. to IBBI, New Delhi. On receiving the reply from IBBI, New Delhi, this Bench shall again consider this MA - application allowed in part.
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