9911796707
TMI Blog2021 (8) TMI 614X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant "Parag Sheth" erstwhile Interim Resolution Professional (IRP) of M/s Digjam Ltd. filed this Appeal against the order dated 08.10.2020 passed by Adjudicating Authority (National Company Law Tribunal, Ahmadabad Bench, Ahmadabad) whereby dismissed the Appellant's Application I.A. No. 234 of 2020 in I.A. No. 232 of 2020 in CP (IB) No. 594/NCLT/AHM/2018 filed under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 33 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations). 2. Brief facts of this case are that one Operational Creditor M/s Oman Inc (HUF) filed an Application under Section 9 for initiation of Corporate Insolvency Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CA Mr. Hiten Parikh, but they have not authorized the Applicant for the same. Therefore, the Application on behalf of aforesaid professionals is not maintainable. The Applicant has paid excess insurance premium Rs. 4,19,719/- without approval of CoC and the Applicant is agitating the issue at belated stage when the Resolution Plan has already been approved by the Adjudicating Authority and CoC has been dissolved and the RP has also been discharged from his duty. Thus, the claim of the Applicant is not maintainable. Hence, dismissed the Application. 6. Being aggrieved with this order the Appellant (Mr. Parag Sheth) has filed this Appeal. 7. Ld. Counsel for the Appellant submitted that upon the instructions of the CoC the Appellant called ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... efore, this amount has rightly been deducted from his fees and expenses. The CoC has not approved the appointment of PCS Mr.Jignesh Shah and CA Mr. Hiten Parikh. The CoC filed Application under Section 22 of the IBC seeking replacement of the Appellant (IRP) by appointment of Respondent No. 1 as RP. This application was contested by the CA Mr. Hiten Parikh representing the Appellant before the Adjudicating Authority. Thus, the Appellant cannot claim such professional fees. There is no merit in this Appeal. Hence, the Appeal is liable to be dismissed. 10. After hearing Ld. Counsels for the parties, we have gone through the record. 11. It is admitted fact that the Appellant had performed his duty as IRP from 26.04.2019 to 01.01.2020 and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets of the Corporate Debtor decided to go with United India Insurance Company Ltd. The Appellant submits that the decision taken by the Applicant was in due discharge of his duties and was fair and for the benefit of the Corporate Debtor to maintain it as a going concern, as well as stakeholders of the Corporate Debtor. (g). The Appellant states and submits that the Appellant has the statutory authority under Section 20 of the IBC to take aforesaid action, assuming while denying, without prior consent of the Creditors." 13. With the aforesaid, it is apparent that without approval of the CoC the Appellant has taken decision to go with United India Insurance Company and renewed the insurance by paying higher insurance premium. 14. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nted CS Jignesh Shah for the purpose of seeking legal opinion in the matter of related party. It is also pertinent to note that Mr. Hiten Parikh and Jignesh Shah have not authorized the Appellant to file Application on behalf of them. Thus, the Appellant cannot pursue their claims before the Adjudicating Authority. 18. It is true that there is no limitation prescribed for filing the Application for IRP's fees but such Application should have been filed without delay. In this matter, the Appellant came to know on 12.02.2020 that the excess premium amount i.e. Rs. 4,19,719/- has been deducted from his fees and expenses then he should have filed the Application immediately before the CoC/ the Adjudicating Authority, however, he has filed the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
