Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2020 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (11) TMI 957 - AT - Insolvency and BankruptcySeeking payment of his fee by IRP and staying of his replacement - Section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the instant case, the sole Financial Creditor (Indian Bank) has voted to replace the Resolution Professional under Section 22 of the ‘I&B Code’ which means the replacement is sought with 100% voting shares while the requisite vote is 66%. It is well settled that the commercial wisdom of the Committee of Creditors which covers matters including the replacement of the Resolution Professional does not fall within the limited scope of judicial review and is not justiciable. Fees of IRP - HELD THAT:- The Adjudicating Authority has rightly observed that under Regulation 33(3) of the IBBI, fee has been fixed by the Committee of Creditors at ₹ 50,000/- which does not brook interference - In view of the same, we are not inclined to interfere with the impugned order which does not suffer from any legal infirmity. Appeal dismissed.
|