Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (5) TMI 315 - AT - Insolvency and BankruptcyReplacement of Resolution Professional (RP) - appointment of Mr. Vijay Kumar Gupta as Resolution Professional by replacing Mr. Khushvinder Singhal, Resolution Professional - Committee of Creditors vide its meeting approved the replacement of the Appellant with Mr. Vijay Kumar Gupta - HELD THAT:- A perusal of the Order especially paragraph 8 of the Order indicates that in different item the Professional Fee and CIRP cost from 31st March, 2021 to 31st January, 2022 has been claimed in a tabular form. The paragraph indicates that CIRP cost also includes cost which has been incurred subsequent to the decision of the CoC on 17th May, 2021. There are no error in the Direction of the Adjudicating Authority for considering CIRP costs since major portion of the CIRP as claimed is subsequent to the resolution dated 17th May, 2021. It is the CoC which is to examine the factual aspects of the claim and take an appropriate decision, the Adjudicating Authority has not committed any error in directing the CoC to consider the CIRP cost and pass appropriate order. In the present case, the decision of the CoC on which reliance is placed are of 30th April, 2021 and 17th May, 2021 where fee has been approved. It is submitted that the validity of such decision cannot be questioned subsequently. In the CIRP process, the CoC is fully competent to revise the fee even if it was earlier approved by any earlier CoC decision - there are no error in the order of the Adjudicating Authority directing the reconstituted CoC to consider the CIRP cost. Appeal dismissed.
|