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2018 (5) TMI 856 - AT - Insolvency and BankruptcyCommittee of Creditors liability to bear the expenses incurred by the Insolvency Resolution Professional - Held that:- As per Regulation 33, the applicant means the person who files the application under Section 7 or 9 of the Insolvency and Bankruptcy Code, 2016 who generally proposes the name of the ‘interim resolution professional’. Such applicant negotiates the fee to be charged and paid to the interim resolution professional. As per the provision aforesaid, the Adjudicating Authority is required to fix the expenses where the applicant has not fixed expenses under sub-regulation (1) of Regulation 33. In such case, the applicant, who has filed the application under Section 7 or 9 of the I & B Code, is required to bear the expenses which is to be reimbursed by the committee of creditors to the extent the Committee of Creditors ratifies the same. In the present case, the application was filed by the respondent(s) under Section 7 of the I & B Code, 2016 and under Section 9 of the I & B Code, 2016. The name of resolution professional were suggested by the applicant of such application. Therefore, as per sub-regulation (1) of Regulation 33, the applicant is liable to incur the expenses of resolution professional. Thereafter, the applicant will get the amount reimbursed by the Committee of Creditors to the extent the amount as is ratified by the Committee. The expenses will include all expenses as explained above in clause (4) of Regulation 33.
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