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2022 (8) TMI 318 - Tri - Insolvency and BankruptcySeeking appropriate directions against the Respondents to pay the professional fee of the Applicant and to contribute liquidation cost for conducting the Liquidation process of the Corporate Person M/s. Rajpal Autolink Pvt. Ltd. - section 60(5) of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 11 of NCLT Rules, 2016 and Regulation 2A of the IBBI (Liquidation Process) Regulation, 2016 - HELD THAT:- It is noted that as per the order dated 09.08.2021 by this Adjudicating Authority, it was directed to all the financial institutions of the Corporate Person to deposit Rs. 50,000/- each in the account of the liquidator. One of the financial institutions SBI has already deposited the above-said amount. The liquidation value is reported to be less than the liquidation cost. As a result, as per regulation 2A of the IBBI (Liquidation Process) regulation, 2016 the remaining amount of the liquidation cost which is not paid to the liquidator has to be paid by the financial creditor to the liquidator. The liquidation cost as quantified in the application should be paid to the liquidator within 7 days from today - application allowed.
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