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TMI Blog2019 (1) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... 'M/s Bhasin Infotech and Infrastructure Private Limited' (Corporate Debtor) against order dated 10th August, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, whereby the Adjudicating Authority directed the Appellant to pay lump sum fee of Rs. 5 lakh (Rupees Five Lakh Only) in favour of the Interim Resolution Professional within a week. 2. The Corporate Debtor has challenged the impugned order on the ground that the lump sum fees of Rs. 5 lakh fixed by the Adjudicating Authority for payment in favour of Interim Resolution Professional for performing duty for 27 days is excessive and arbitrary. 3. On the other hand according to learned counsel appearing on behalf of the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal. On 22nd June, 2018, this Appellate Tribunal stayed the public announcement of insolvency. Subsequently, the Appellate Tribunal heard the parties on merit and quashed the order of admission by judgment dated 17th July, 2018 and set aside the initiation of Corporate Insolvency Resolution Process against the Corporate Debtor and remitted the matter to the Adjudicating Authority to decide the 'fee payable to the Interim Resolution Professional'. 8. Thereafter when the matter was taken up, the Adjudicating Authority passed the order dated 10th August, 2018 directing the Corporate Debtor to pay a sum of Rs. 5 Lakh (Rupees Five Lakhs Only) to the Interim Resolution Professional for his 27 days of working. 9. We have heard learned coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Professional, which is as follows: "FORM 2 (See sub-rule (1) of rule 9) WRITTEN COMMUNICATION BY PROPOSED INTERIM RESOLUTION PROFESSIONAL [Under rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016] Date................ To, The National Company Law Tribunal [Address] From, [Name and address of the registered office of the proposed interim resolution professional] In the matter of [name of the corporate debtor] Subject: Written communication in connection with an application to initiate corporate insolvency resolution process in respect of [name of the corporate debtor] Madam/Sir, I, [name of proposed interim resolution professional], an insolvency professional r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of India (Insolvency Professionals) Regulations, 2016; ............................................................ (Signature of the insolvency professional) ................................. (Name in block letters) ............................................................................ (Name of insolvency professional entity, if applicable) [Optional certification, if required by the applicant making an application under these Rules] I, hereby, certify that the facts averred by the applicant in the present application are true, accurate and complete and a default has occurred in respect of the relevant corporate debtor. I have reached this conclusion based on the following facts and/or opinion: - [Please ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urred by the Interim Resolution Professional. 16. It is not in dispute that the Interim Resolution Professional has not incurred any expenses such as issuance of advertisement, the cost of engaging professional advisors in view of the interim order passed by this Appellate Tribunal. Therefore, it is to be determined that what fee is payable to the 'Interim Resolution Professional'. 17. From the record and the e-mail communication dated 22nd December, 2017, as quoted above, we find that no communication was made between the 'Financial Creditor' (applicant) and the 'Interim Resolution Professional' as required under the provisions of I&B Code and Regulation framed therein (including Form-2), which is required to be filed. The 'e-mail' afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Professional has worked for 27 days. 21. In the aforesaid background, as we find that the 'Interim Resolution Professional' has performed duty only for 27 days and not incurred any expenses, except for travelling allowance which he is entitled to, we hold that Rs. 5 Lakh (Rupees Five Lakhs Only) allowed by the Adjudicating Authority is excessive. 22. The Adjudicating Authority has failed to notice that claim of Rs. 6 Lakh (Rupees Six Lakhs Only) was made by the firm namely 'Ensemble Resolution Professionals Pvt. Ltd.', payable to the Interim Resolution Professional. As the aforesaid firm is not eligible or entitled to receive any fees or any cut or commission from the fees of the 'Interim Resolution Professional', demand of Rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X
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