TMI Blog2019 (5) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... the fees such as Lawyer fees, meeting fees, the RP insurance appeared to be towards higher side. In the absence of explanation of each items, had to be supported by corroborative evidence, it is not possible on the part of this Bench to allow entire expenditure. 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. On receiving the reply from IBBI, New Delhi, this Bench shall again consider this MA - application allowed in part. - MA 1520/2019 in MA 254/2019 in C.P. (IB)3585(MB)/2018 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave pooled the funds to create a Corpus for CIRP cost. An apprehension has been raised that the Directorate of Enforcement, Department of Revenue, Ministry of Finance, Mumbai Zonal, Office-I vide an order of 31st July, 2018/25th June 2018 have made provisional attachment over the assets vide Order No. 9/2018 by invoking the provisions of section 5(1) of Prevention of Money Laundering Act, 2002. 4. On hearing the submissions this Bench is of the view that the provisions of the Insolvency Code overrides the other laws under section 238 of the Insolvency Code hence an independent and separate view can be taken in this case of Corporate Defaulter. It is worth to mention that M/s. Geetanjali Gems Limited being a Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04.2019, now listed for hearing on 10.06.2019. There are two more Miscellaneous Applications also listed for 10.06.2019. 5. Reverting to this application, the RP has made a prayer as under:- 12. In view of the facts aforesaid, the Applicant prays: ( a) the Hon ble Tribunal to allow withdrawal of ₹ 3,57,47,494/- (Rupees Three Crores Fifty Seven Lakhs Forty Seven Thousand Four Hundred and Ninety Four Only) by the Applicant (RP) for payment of the Expenses mentioned in the table above; 6. In this Application it is informed that in the First Meeting of CoC held on 01.11.2018, it was agreed to create a corpus for the expenses to be reimbursed, claimed to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 and IBBI/DC/16/2019 dated 21.02.2019 and 17.04.2019 respectively, wherein on the ground of unrealistic and exorbitant fees / expenses demanded by the RP their licenses were suspended to act as RP. Since a regulatory authority is keeping an eye and watching the conduct of Resolution Professionals, therefore, it is expected that before making such type of submission due care and professional ethics ought to be observed. This Bench has not been informed whether any Information Memorandum is prepared by the Ld. RP and whether advertisement has been made inviting Expression of Interest (EoI). It is also not on record whether any Valuation Report is procured by RP. Rather as of now, as informed, the Insolvency Process is heading towards Li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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