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TMI Blog2018 (7) TMI 1984X X X X Extracts X X X X X X X X Extracts X X X X ..... sion ofthe Committee ofCreditors with 100% voting in favour. 2. That the resolution professional, Mr. Sanjay Kumar Ruia and his team be asked to handover al/ the papers and documents related to the Petition in the matter of IL & FS Engineering & Construction Company Limited, so that an appeal with the Hon'b/e NCLA T can be filed. 3. That the resolution professional, Mr. Sanjay Kumar Ruia and his team be asked to handover al/ the papers and documents and issue a No objection certificate related to the various Petitioners filed under section 9 byhim and his team on beha/fofthe corporate debtor, so that the saidmatters can bepursued, failing which they may be dismissed for non-appearance or compliance. These matters are important to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd voted favourably in respect of the Professional Fees of Resolution Professional. Fifth Meeting of Committee of Creditors was conducted on 27.03.2018 and a progress report was stated to be submitted on 04.04.2018. Thereafter, from Fifth Committee of Creditors meeting onwards the Catholic Syrian Bank, being one of the Financial Creditor, has raised certain questions about the validity of continuance as Resolution Professional because of the existence of a complaint in some other case. 4. Another point for reference in this Order is that according to Resolution Professional Eol was invited, however, no Resolution Plan was stated to be received. As a consequence, Sixth Committee of Creditors meeting was held on 27.04.2018. In the said meeti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecide the present Miscellaneous Application (MA 580 of 2018). This Miscellaneous Application is submitted by Catholic Syrian Bank Limited and PNB Housing Finance Limited stated to be having voting share as Financial Creditor in the Committee of Creditors respectively 67.62% and 32.38%. In this Application it is alleged that the Sixth meeting of Committee of Creditors claimed to be held on 27.04.2018 was not concluded because the members have walked out of the meeting without voting on the issue of CIRP cost. In this Application it is further stated that on 02/03.05.2018, through email it was communicated to Resolution Professional to re-convene a meeting. On 08.05.2018 Committee of Creditors furnished a written submission to the Bench seeki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany, etc. For those efforts he is entitled for a reasonable Fees, as also accepted by the Learned Counsel of Committee of Creditors and Learned Counsel of Respondent No.2. As far as the question of submission of this Application beyond 270 days by Committee of Creditors, this hurdle can be removed by taking shelter of an Order of Hon'ble NCLAT pronounced in the case of Quinn Logistics (India) Pvt. Ltd. v. Macksoft Tech Pvt. Ltd. [Company Appeal (AT) (Insolvency) No. 185 of 2018] dated 08.05.2018. Litigation period to be excluded. To conclude, directions are as follows:- a) The present Resolution Professional shall be replaced by new Resolution Professional as appointed by this Bench, viz. Shri Ajay Agrawal, Registration No. IBB1/1PA- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- 4. Opportunity Cost of Appearance before Hon'ble NCLT's on 86 occasions to Sanjay Kumar Ruia (Rs. 21,50,000/-) 21,50,000/- 4,30,000/- 5. Cost of Statutory Auditor payable to Vishal G. Jain & Associates for F.Y. 2015-16 and F.Y. 2016-17 (Rs. 60,000/-) Additional cost: Rs. 1,00,000/- 7,00,000/- 4,00,000/- 6. Legal Cost incurred for defending the Company against the sale of assets by PNB Housing Finance Limited to Sanjay Kumar Ruia (Rs. 1,00,000/-) 1,00,000/- 1,00,000/- 7. Appearance Fees of Haresh P. Shah before NCLT to plead the matters (Rs. 50,000/-) 50,000/- 20,000/- Total Fees Payable including that of Auditors 1,18,50,000/- 21,10,000/- Add: Goods and Service ..... X X X X Extracts X X X X X X X X Extracts X X X X
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