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TMI Blog2019 (5) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... said Petition of ICICI Bank was admitted and IRP Mr. Vijay Garg appointed on declaration of 'Moratorium' and commencement of Corporate Insolvency Resolution Process. 3. The said appointed IRP has moved an application bearing MA No. 254/2019 which was decided vide an order of 05.03.2019 wherein it was held as under:- "2. This Application is submitted by the Resolution Professional Mr. Vijaykumar Garg and the only prayer is that the Resolution Professional be allowed to open a separate Bank Account with ICICI Bank, Bandra-Kurla Complex Branch, Mumbai. 3. On 26.10.2018 the RP has informed that the Committee of Creditors had voted in favour of Creation of an initial Corpus of Rupees Ten Crores to be contributed by the Member of the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited, if deem fit under "No Lien Account" not subject to control of any authority or bank. This bank account shall be operated as an 'Escrow Account' under the control and supervision of NCLT, Mumbai Bench along with the Members of the Committee of Creditors. Needless to mention the withdrawals are therefore to be ratified and also to be verified by the Members of the Committee of Creditors. Thereafter the decision in this regard of CoC to be placed before the Adjudicating Authority to seek permission of withdrawal. With these directions this Application is allowed." ( emphasis supplied ) 4. One more development, thereafter, reported that the CoC had not approved extension of time hence the said Resolution Professional has filed an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.04.2019 it was found that representatives of several banks viz. Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Canara Bank, Central Bank, ICICI Bank, Punjab National Bank, etc. totalling 40 representatives were physically present and approved the claim. As a consequence, this Application is moved to obtain permission for withdrawal of the amount claimed. 7. In my Prima facie opinion, it appears that the claimed amount as Corporate Insolvency Resolution Process cost of Rs.3,57,47,494/- is an exorbitant claim considering the totality of the circumstances. This view is in conformity with two orders passed by IBBI, New Delhi bearing Ref. No.: IBBI/DC/15/2019 and IBBI/DC/16/2019 dated 21.02.2019 and 17.04.2019 respectively, wherein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as jurisdiction whether to treat or not certain expenses incurred wholly and exclusively for the purpose of completion of Insolvency Process. 9. As a consequence, this Bench is of the opinion that a guideline can be obtained from IBBI, New Delhi that whether any Regulation or any Notification about the fixation of remuneration of RP has been issued as a guiding factor. I, therefore, refer this problem i.e. fixation of CIRP cost, etc. to IBBI, New Delhi. If deem fit, the said Regulatory Authority can examine the reasoning and he basis on which the members of the CoC have approved the claim of expenditure. As an interregnum arrangement the Ld. RP is authorised to withdraw a sum of Rs.10 lakhs from the said escrow account so that the process ..... X X X X Extracts X X X X X X X X Extracts X X X X
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