The Insolvency and Bankruptcy Code, 2016
IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Chapter-IX Insolvency Resolution Process Costs
Regulation 33: Costs of the interim resolution professional.
33. (1) The applicant shall fix the expenses1 to be incurred on or by the interim resolution professional.
(2) The Adjudicating Authority shall fix expenses where the applicant has not fixed expenses under sub-regulation (1).
(3) The applicant shall bear the expenses which shall be reimbursed by the committee to the extent it ratifies.
(4) The amount of expenses ratified by the committee shall be treated as insolvency resolution process costs.
2[Explanation. – For the purposes of this regulation, “expenses” include the fee to be paid to the interim resolution professional, fee to be paid to insolvency professional entity, if any, and fee to be paid to professionals, if any, and other expenses to be incurred by the interim resolution professional.]
References
1. Fee and other Expenses incurred for CIRP, Refer Circular No. IBBI/IP/013/2018, 12th June, 2018 and Fees payable to an Insolvency Professional and to other professionals appointed by an Insolvency Professional, Refer Circular No. IP/004/2018, 16th January, 2018.
2. Substituted by IBBI (CIRP) (Second Amendment) Regulations, 2018 vide Notification No. IBBI/2017-18/ GN/ REG030, dated 27th March, 2018, w.e.f. 01.04.2018, for the explanation:
“Explanation- For the purposes of this Regulation, “expenses” mean the fee to be paid to the interim resolution professional and other expenses, including the cost of engaging professional advisors, to be incurred by the interim resolution professional.”.
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