TMI Blog2021 (4) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... officer is required to change reasonably and in our view a sum of ₹ 4 Lakhs plus @18% GST to be paid to 'Interim Resolution Professional' as his fees for period of 61 days. In addition, ₹ 1,86,890/- towards other expenses and ₹ 2 lakhs for security charges and other charges also to be paid to IRP. Thus, Interim Resolution Professional is allowed a total amount of ₹ 7,86,890/- Lakhs approximately which is to be paid by the Respondent No. 2 which should be paid within two weeks. Application allowed. - IA No. 644/2019 in CP(IB) No. 1488/ND/2018 - - - Dated:- 11-3-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Abhishek Anand and Sumit Bindal, Advocates ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be paid to IRP/RP which is to be initially paid by the corporate debtor. The corporate debtor will be entitled to recover the CIRP costs incurred and fees paid to the IRP/RP by adjusting in dues, if any, or by execution from operational creditor. 4. The factual matrix since the date of commencement of CIRP and the details of expenses incurred during the process is being submitted herein below: a) It is submitted that IRP deployed 24 security guards at 12 locations to safeguard the third party stocks/assets of the corporate debtor, interacted with employees, customers, vendors of the corporate debtor and had to deal with complexities on account of spread of its operations and nature of its business. The decision regarding deploymen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder which are also requested to be made part of the CIRP cost. e) It is submitted that during CIRP process of corporate debtor, the Applicant incurred total expenses to the tune of ₹ 7,01,037/- comprising of security guards expenses of ₹ 449247/-. Legal expenses of Advocate ₹ 64900/- and other expenses (i.e. public announcement in newspapers, travelling cost, conveyance etc.) of ₹ 1,86,890/-. f) The applicant during his tenure of 61 days as IRP from 9th September 2019 till 8th November, 2019 apart from taking services of outside professionals, also engaged his own Qualified Chartered Accountants staff by way of visit to Corporate Debtor office at Delhi or at his own registered office at Chandigarh to ensur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 7,10,037/- towards CIRP cost and ₹ 11,78,097/- towards fee of the IRP are both over-charged. The expenses pattern is also contrasting study and beyond palatable drawing form COC minutes as between 9 Sep to 22 Oct 2019 for 43 days was ₹ 1,71,890/- and the final claim from 9 Sep to 8 Nov 2019 for 60 days was for ₹ 7,10,037/-. The claim have risen by 200%. 7. It is submitted that the corporate debtor on its role had 2 very senior officials at the rank of chief operating officer. Both these persons were from professional high-ranking companies including express, DHL, Hewlett Packard and reliance retail. Each with over 20 years experience, but both drew a salary that was under ₹ 2 lakhs per month. That too, when t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s share in the voting was 46.25%, and while they did not have the required 66% to solely select the RP, no other creditor or group of creditors i.e. Imperial purple Investment Services Private Limited with 26.60% Hinduja Leyland Finance Limited with 27.15%, could have approved a fee other than the one proposed by Union Bank of India. 10. CIRP order is impugned before NCLAT set aside thus, CIRP continued from date of order of Adjudication Authority on 02.09.2019 upto setting aside order 08.11.2019 of NCLAT, approximately for 61 days. 11. We have heard the arguments of both the parties and perused the record. It is on record that CoC in its second meeting has not passed a resolution regarding approval of the fees of IRP nor rega ..... X X X X Extracts X X X X X X X X Extracts X X X X
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