TMI Blog2022 (2) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... l decision regarding entitlement of IRP or RP claiming his fee because i.e. part of the CIRP costs. The general power of framing regulations to carry out the provisions of this Code encompasses in itself the power to regulation regarding Insolvency Professionals. The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 has already been framed where as per Regulation 7(2)(h), the Insolvency Resolution Professional has to be abide by the Code of Conduct specified in the First Schedule to these Regulations - IBBI is fully clothed with jurisdiction to regulate payment of remuneration of RP and IRP both by framing regulation or by issuing executive instructions till regulation are not framed can regulate the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal), New Delhi, Court-II on the Application being I.A 5274 of 2021 filed by the Appellant. Appellant before us was appointed as Interim Resolution Professional (IRP) by the Adjudicating Authority by its order dated 26.02.2020. In the first CoC meeting, he claimed that he should be paid ₹ 2 Lakhs per month. The matter of fee, however, could not be decided by the CoC and ultimately CoC ratified payment of ₹ 50,000/- per month only. The Appellant s claim that he worked up to 27.01.2021 when he was replaced by the Resolution Professional- Respondent No.2. The Appellant thereafter filed an Application I.A 5274 of 2021 before the Adjudicating Authority claiming the payment of fees @ ₹ 2 Lakh per month on which Application the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Alok Kaushik vs. Mrs. Bhuvaneshwari Ramanathan and Ors.- Civil Appeal No. 4065 of 2020 . It is thus settled law that the Adjudicating Authority is clothed with jurisdiction to take a final decision regarding entitlement of IRP or RP claiming his fee because i.e. part of the CIRP costs. 7. However, the issue which has been sought to be raised in this Appeal is that IBBI has no jurisdiction nor Adjudicating Authority ought to have referred the matter for a recommendation. From tenor of the order, it is clear that the ultimate decision regarding this issue raised in I.A 5274 of 2021 is to be taken by the Adjudicating Authority and the Adjudicating Authority has not directed the IBBI to decide the issue and only recommendations have been cal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully clothed with jurisdiction to regulate payment of remuneration of RP and IRP both by framing regulation or by issuing executive instructions till regulation are not framed can regulate the subject. We thus are of the view that IBBI till necessary regulations are not framed regulating fee is empowered to issue executive instructions in this regard. The issue of payment of fee to the IRP/RP occur very frequently which needs to be regulated by Regulating Authority who is clothed with the power. The mere fact that IBBI has been asked to submit its recommendations by the Adjudicating Authority, in the present case, we see no reason to question the jurisdiction of IBBI to submit a recommendation. The recommendations may be helpful to determin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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