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2020 (9) TMI 306 - Tri - Companies LawDeciding or approving the Liquidator's fees and for his payment within a period of thirty days from the date of approval of the Scheme - CIRP process - HELD THAT:- The Scheme as contemplated by the proponents of the Scheme in the instant case, cannot be considered as a transaction of 'sale' falling within the ambit of Regulation 32 of Liquidation Process Regulations, 2016 as rightly pointed out by the Ld. Counsel for the Scheme proponents. However, even though the amended Regulation 4 of the Liquidation Process Regulations 2016 draws a distinction in this connection in the event of a scheme proposed and as well as in its absence as repeatedly brought forth in the earlier portion, no such distinction or for that matter no specific mention has been made in relation to a scheme and in relation to the fees payable to the Liquidator under the concerned Regulations pre-amendment. This Tribunal is required to only apply in relation to ascertaining the amount of fees payable to the Liquidator, the unamended Regulations i.e. the Regulation of Liquidation Process Regulations as it stood prior to 25.07.2019 and cannot apply the amended Regulations even as a guide in this regard as submitted by the Ld. Counsel for the Scheme proponents. The question of applicability of Regulation 39D of the IRCP Regulations, 2016 as amended from 25.07.2019 cannot also be applied under the circumstances. Thus being conscious that this Tribunal being a creature of the statute and is required to apply the provisions of IBC, 2016 and the Rules and Regulations framed thereunder as it is reflected fastidiously reference to Regulation 4 of the Liquidation Process Regulations, 2016 and closer scrutiny of the same discloses that the Liquidation fees of the Liquidator is required to be computed based on realisation, net of other Liquidation costs and of the amount distributed, and no where the said Regulations uses the term "Realization of Sale assets". In the circumstances, the submissions made by the Ld. Counsel for the Scheme proponents that since the transaction cannot be brought under Regulations 32 contemplating various modes of 'Sale' therein cannot hold much water. Applying Regulation 4 of Liquidation Process Regulations, 2016 as it stood prior to amendment made w.e.f. 25.07.2019, we find that the calculation as given by the Liquidator in the typed set filed along with the application which tabulation has also been extracted in para 22 supra is sustainable and in the absence of committee of creditors fixing the fees of the Liquidator or the Liquidation costs, is required to be hence allowed. The Liquidation process of the Corporate Debtor/Company in Liquidation stands revoked for the time being to enable the Corporate Debtor/Company in Liquidation to revive and reconstruct by implementing the Scheme sanctioned in terms of the order dated 10.01.2020 and carry forward its business activity/undertaking in terms of the Scheme by the Scheme proponents - application disposed off.
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