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2022 (2) TMI 461 - Tri - Insolvency and BankruptcyLiability of Financial Creditor to pay corporate insolvency resolution fees - liability of Financial Creditors to pay liquidation costs for the liquidation process - Section 53(1)(a) of the I&B Code, 2016 - HELD THAT:- A careful examination of provisions/regulations of Section 53 of I&B Code, 2016, reveals that the contention of the Applicant is misconceived and not supported by any provision of I&B Code, 2016 or by any applicable Regulations. Even in any of the judgments on which the learned Counsel for the Applicant placed reliance, nowhere it was stated that a claimant in a liquidation process need not pay CIRP/liquidation costs at all. Similarly, there was nothing to show that a claimant in a liquidation process required to pay the liquidation costs only from the date of admission of its claims and that too in proportion to the amounts actually recovered by it and not in proportion to its admitted claim. Similarly, there was nothing to show that the Applicant is required to pay its share of the liquidation costs only after the realisation of its security interest and once monies are received by it. The contention of the Applicant in respect of its liability to pay its share of liquidation costs in terms of the impugned letter dated 18.07.2021 is rejected. It is not in dispute that the Applicant is a claimant and its claim also admitted to an extent of ₹ 33,64,47,700/-. We have already held herein above that the Applicant whose claims are admitted by the Liquidator to the said extent, is liable to pay its share of the liquidation costs without reference to the date of admission of its claims and without reference to the monies to be received by it - though the Applicant has chosen to stand outside the liquidation proceedings and to realise its security interest, and not a stakeholder, it is also entitled for the same information and documents as entitled by a stakeholder of the liquidation process. Therefore, the Liquidator is liable to share the information and furnish the documents to the Applicant, on par with any other stakeholder of the liquidation process. The various reliefs claimed with regard to the liability of the Applicant to pay its share of the costs of the Liquidator are rejected - application disposed off.
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