Provisions of IBBI (Liquidation Process) Regulations, 2016 is not applied for deciding fee of Liquidator appointed under Companies Act, 2013 read with Companies (winding up) Rules, 2020 – Cuttack Municipal Corporation Vs. Mr. Suresh Chandra Pattanayak, The Liquidator of Cuttack Urban Transport Service Ltd. – NCLAT New Delhi
In this case, the Tribunal allowed the application filed by the Respondent/Liquidator and directed that fees should be paid to the Liquidator(appointed under the provisions of the Companies Act, 2013) as specified under Regulation 4(2) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 as amended on July 25, 2019. NCLAT set aside the order of Tribunal(NCLT) and held that the Tribunal mainly considered the provisions of IBBI (Liquidation Process) Regulations, 2016 as amended in 2019 which have quoted in para 5 and 6 of the impugned order and passed the order regarding the fees but the Tribunal has not considered the provisions of Ministry of Corporate Affairs dated 24.01.2020 regarding Companies (winding up) Rules, 2020. As the application was filed winding up provisions of Sections 271(a) and 271(1)(a) of the Companies Act, 2013 seeking winding up of the Company.
