Settlement of Fee payable to RP - deduction of professional fees ...

Insolvency and Bankruptcy

August 16, 2021

Settlement of Fee payable to RP - deduction of professional fees and expenses form such excess amount - Section 20 (2)(b) of the IBC authorizes the IRP to enter into such contracts which were entered into before the commencement of CIRP. In this case there was a new contract of insurance after the commencement of CIRP. The Appellant was aware with this situation that he cannot take such decision, therefore, he has circulated the quotations amongst the Members of CoC alongwith comparison of their premium amount. Thus, the aforesaid provision does not authorize the IRP to renew the insurance policy without approval of CoC at higher premium rate. - AT

View Source

← Previous Next →

Settlement of Fee payable to RP - deduction of professional fees ...

Insolvency and Bankruptcy

August 16, 2021

You may also like:

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed...

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed...

Scope of NCLT Rules - fees mentioned in Rule 112 read with the definition clause 2(12) does not mention either CIRP costs or the fees to be paid to the IRP or RP. The...

Recovery of Fee payable to Resolution Professional from the Income Tax Department and the Excise and Taxation Department of state - Appellants (revenue authorities)...

Fixing the fee of IRP - fee of an RP falls under the definition of a ‘Claim’ as defined under the Code or not - The word ‘expenses’ includes the fee to be paid to the...

Disallowance of 20% of Legal & Professional Fees paid - authorities have not identified, if the payments made to related party is unreasonable - Legal & Professional...

Allowable revenue expenditure - treatment to the travelling expenses of the Director's wives as well as fees paid for professional service - Allowed as revenue expenditure - HC

Settlement fees paid under the Motor Vehicle Act for transporting of over dimensional capacities in its transport business, not a penalty, expenses allowed

Disallowance of payment of professional fee to the directors - allegation of paying excessive remuneration to the directors - services provided by the directors towards...

Quantum of fees and other expenses payable to the Resolution Professional - The fees/expenses claimed by the Resolution Professional for the period following the passing...

Quick Updates: