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2021 (3) TMI 1242 - SC - Insolvency and BankruptcyCosts, charges, expenses and professional fees payable to a registered valuer appointed after the initiation of the CIRP under the IBC - submission of the Appellant is that neither the NCLT nor the NCLAT have applied their mind to the professional charges payable to him in his capacity as a registered valuer - HELD THAT:- The NCLT in its order dated 29 June 2020, while dismissing the application of the Appellant for the payment of fees, observed that the Insolvency and Bankruptcy Board of India is the competent authority to deal with allegations against the RP relating to their failure to discharge statutory duties (paragraph 7). Section 217 of the IBC empowers a person aggrieved by the functioning of an RP to file a complaint to the IBBI. If the IBBI believes on the receipt of the complaint that any RP has contravened the provisions of IBC, or the rules, Regulations or directions issued by the IBBI, it can, Under Section 218 of the IBC, direct an inspection or investigation. Under Section 220 of the IBC, IBBI can constitute a disciplinary committee to consider the report submitted by the investigating authority. If the disciplinary committee is satisfied that sufficient cause exists, it can impose a penalty. The availability of a grievance redressal mechanism under the IBC against an insolvency professional does not divest the NCLT of its jurisdiction Under Section 60(5)(c) of the IBC to consider the amount payable to the Appellant. In any event, the purpose of such a grievance redressal mechanism is to penalize errant conduct of the RP and not to determine the claims of other professionals which form part of the CIRP costs. The proceedings shall accordingly stand remitted back to the NCLT for determining the claim of the Appellant for the payment of the professional charges as a registered Valuer appointed by the RP in pursuance of the initiation of the CIRP - Appeal allowed.
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