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TMI Blog2022 (8) TMI 318X X X X Extracts X X X X X X X X Extracts X X X X ..... n 2A of the IBBI (Liquidation Process) Regulation, 2016, for appropriate directions against the Respondents to pay the professional fee of the Applicant and to contribute liquidation cost for conducting the Liquidation process of the Corporate Person M/s. Rajpal Autolink Pvt. Ltd. 2. This Adjudicating Authority passed an order dated 23.04.2021 in IA/7/IND/2021 for Liquidation of the Corporate Person which was filed by the erstwhile Resolution Professional Mr. Navin Khandelwal as no resolution plan was received for the revival of the Corporate Person. Further, the Resolution Professional did not give his consent to be appointed as a Liquidator, hence, the Applicant herein was appointed as the Liquidator of the Corporate Person to carry out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st of the Corporate Person. Accordingly, a resolution was passed by the COC, wherein it estimated the liquidation value of the Corporate Person and estimated liquidation cost without having in their hand, the fair and liquidation value of the Corporate Person evaluated by an authorized valuer. iv. During the CIRP, the COC members were of the view that the assets as reflected in the financial statements for the Financial Year 2018-19 were not realizable, hence no auditor for preparing the audited balance sheet of the Corporate Person for the financial year 2019-20, 2020-21 and provisional balance sheet as on CIRP commencement date 18.06.2020 was appointed to avoid incurring further cost towards CIRP proceedings. v. After taking charge th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ascertain the basis of the evaluation of the liquidation value as well as the liquidation cost of the Corporate Person. Thus, the applicant sought the same from the COC members as well as the erstwhile Resolution Professional. The applicant requested to fix her professional fee at Rs. 1,00,000/- per month in exclusion of all other costs which would be on actual basis. ix. The Respondents, in response to the request of the Applicant for the payment of professional fee and liquidation cost, stated that "they do not have any directions from the Hon'ble NCLT for the payment of any fees or cost to the Liquidator". They further stated that "in absence of any such directions for payment, they are not bound to pay any amount as requested by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the amount decided. vi. The Corporate Person did not contain any assets, the complete CIRP costs have been paid by the Financial Creditors. vii. This application has been filed by the liquidator in disregard of the written confirmations made by Respondent No. 1 dated 19.07.2021, wherein it expressly agreed to bear the liquidation expenses on ad hoc basis. viii. Despite having incurred a huge amount as CIRP costs, Respondent No. 1 has deposited INR 50,000/- with the liquidator, for the liquidator to use this amount in litigating the application regarding avoidance of preferential transactions. 5. We have heard the learned Counsels appearing from both sides and perused the relevant documents available on record. It is noted that as p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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