Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 270 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHAlteration of distribution matrix with respect to the resolution plan of the successful applicant - inclusion of success fee approved by the Committee of Creditors payable to Respondent - HELD THAT:- It is clear that the CoC has unanimously approved the Resolution Plan submitted by Prestige Estates Projects Ltd. The RP had also filed an application bearing No. 3714 of 2020 for approval of the said Resolution Plan. It is pertinent to note here that this application has been approved today by this Bench but the success fees has not been approved being unreasonable. This Bench has relied on the judgment of the Hon'ble NCLAT passed in the matter of MR. DEVARAJAN RAMAN, RESOLUTION PROFESSIONAL, POONAM DRUM & CONTAINERS PVT. LTD. VERSUS BANK OF INDIA LTD. [2020 (7) TMI 758 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] that the fees of the RP is not the commercial wisdom of the CoC. This Bench hereby directs to proportionately distribute the said amount of ₹ 3 Crores among the employees/operational creditors/unsecured creditors - Application dismissed.
|