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2022 (6) TMI 1044 - Insolvency & Bankruptcy
Head Note / Extract:
Refund of amount towards the I.R.P to meet out the initial expenses - non-speaking order - Section 53(1) (a) of the Insolvency and Bankruptcy code, 2016 - seeking modification in the list of stakeholders and to include the unpaid CIRP cost in the stakeholders list of Goodwin Packpet Private Limited - HELD THAT:- A reading of the receipt dated 12/01/2022 issued by the Former IRP Shri. Satiq Buhari, makes it clear that the Operational Creditor Shri. Amrjeeth Singh, Proprietor of Vinneeth Enterprises has deposited an amount of Rs. 2,00,000/- with the IRP to meet the initial expenses of CIRP and it was resolved in the 1st CoC meeting convened on 18/11/2020 to refund the said amount to the Appellant. The contention raised by the 2nd respondent that he has not received the receipt of voucher from the Former IRP Shri. Satiq Buhari is not a ground to reject the request of the Appellant to return the amount of Rs. 2,00,000/- paid by him being the initial expenses of CIRP. There is considerable delay on the part of the former IRP Shri. Satiq Buhari to communicate the relevant papers to the Liquidator. However, the amount of Rs. 2,00,000/- is to be paid back to the Operational Creditor by the Liquidator, as the said amount is rightfully payable to him when the CIRP proceeds are finalized. The former IRP who appeared through VC stated that there is a delay on his part to reply the communication of the Liquidation and that the same may be excused. The 2nd respondent Liquidator stated that he is ready to accept the claim of Rs. 2,00,000/- if this Tribunal gives a direction to that affect. Since we find that the amount of Rs. 2,00,000/- is legally entitled to the Operational Creditor Shri. Amrjeeth Singh, we allow this Application and direct the 2nd respondent to refund the amount of Rs. 2,00,000/- to Shri. Amrjeeth Singh, the Operational Creditor/Appellant towards the initial expenses of CIRP during the time of distribution of assets from the proceeds from the sale of liquidation assets, with due priority as mandated under Section 53(1)(a) of the Insolvency and Bankruptcy Code, 2016. The 2nd respondent is also directed to modify the list of Stakeholders and to include the unpaid CIRP costs of Rs. 2,00,000/- in the stakeholders list of Goodwin Packpet Private Limited. Application disposed off.