TMI Blog2018 (5) TMI 856X X X X Extracts X X X X X X X X Extracts X X X X ..... ant 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r public announcement/other expenses have not been paid by the Petitioner. Counsel for the Petitioner submitted that to the extent of public announcement the bill has already been received. The said expenses shall be paid by the Petitioner to the IRP on 10.11.2017. However, an issue has been raised by the Counsel for the Petitioner that the CoC did not ratify the other expenses to be paid to the IRP, rather the same has been refused by the CoC, which reflects from the Minutes of the first meeting of the CoC held on 05.10.2017. In view of the above, we hereby direct the CoC to bear the rest of the expenses in proportion to their amount claimed within two weeks. The IRP shall take copy of this order and deliver it to the Coc for complia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 26.10.2017. Consequently, the memo filed by the Financial Creditor stands rejected . 4. In the other Company Appeal (AT) (Insolvency) No. 09 of 2018 almost similar order dated 14th November, 2017 has been passed, which reads as follows: Counsel for Petitioner present. Mr. V. Mahesh, IRP present and Counsel representing SBI present. It relates to the order that has been passed on 28.09.2017 wherein the corporate Insolvency Resolution process was initiated against the corporate debtor, moratorium was declared and the IRP was appointed. The IRP has made the public announcement and performed his duties. Counsel for the Petitioner submitted that the cost of public announcement has been reimbursed by the operational creditor w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (s). 9. Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 relates to cost of the interim resolution professional , which reads as follows: 33. Costs of the interim resolution professional . ( 1) The applicant shall fix the expenses to be incurred on or by the interim resolution professional. ( 2) The Adjudicating Authority shall fix expenses where the applicant has not fixed expenses under sub-regulation (1). ( 3) The applicant shall bear the expenses which shall be reimbursed by the committee to the extent it ratifies. ( 4) The amount of expenses ratified by the committee shall be treated as insolvency resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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