Goouksheer Farm Fresh Pvt. Ltd

An Insolvency Professional who is engaged to perform his/her duty as a Resolution Professional is entitled to be remunerated by way of paying fees for his labour and work and accordingly the fees and expenses are to be approved by the CoC – Mr. Sanjeev Jhunjhunwala, RP of Goouksheer Farm Fresh Pvt. Ltd. Vs. Mr. Bimal Kanti Choudhury, RP of PM Cold Storage Pvt. Ltd. – NCLT Kolkata Bench

/ 7 minutes of reading

NCLT Kolkata Bench held that:
(i) In our view that an Insolvency Professional who is engaged to perform his/her duty as a Resolution Professional is entitled to be remunerated by way of paying fees for his labour and work and accordingly the fees and expenses are to be approved by the CoC.
(ii) Referred, the judgment passed by the Hon’ble NCLAT in Jayesh N. Sanghrajka, R.P. (2021) ibclaw.in 436 NCLAT and Mr. Mukesh Verma (2022) ibclaw.in 948 NCLT. That it would not be prudent on our part to reduce the fees already fixed and approved at the meeting of the CoC.
(iii) In regard to the fees paid to the Advocates and/or Counsels and /or Professionals appointed by the RP for defending himself, whether the same can be construed as “directly related to acts done or expenses incurred which are necessary for the CIRP” should be decided by the COC, and being its commercial wisdom, we do not intend to interfere with the same.

An Insolvency Professional who is engaged to perform his/her duty as a Resolution Professional is entitled to be remunerated by way of paying fees for his labour and work and accordingly the fees and expenses are to be approved by the CoC – Mr. Sanjeev Jhunjhunwala, RP of Goouksheer Farm Fresh Pvt. Ltd. Vs. Mr. Bimal Kanti Choudhury, RP of PM Cold Storage Pvt. Ltd. – NCLT Kolkata Bench Read Post »

TDS paid by Corporate Debtor on interest payable cannot be considered as acknowledgment in writing of the liability by the Corporate Debtor – P.M. Cold Storage Pvt. Ltd. Through Interim Resolution Professional Vs. Goouksheer Farm Fresh Pvt. Ltd. – NCLAT New Delhi

/ 17 minutes of reading

NCLAT held that since the voting share in the CoC is extremely relevant and important element in the CIRP insofar as the insolvency resolution of the CD is concerned. It was the duty of the RP to exercise necessary care and diligence in verifying the claims and scrutinise the documents submitted with Form C for genuineness and authenticity. Such exercise does not appear to have been done by the RP in the present case. We would, therefore, urge the Insolvency and Bankruptcy Board of India to investigate this matter further regarding the conduct of RP and take necessary action under the regulation.

TDS paid by Corporate Debtor on interest payable cannot be considered as acknowledgment in writing of the liability by the Corporate Debtor – P.M. Cold Storage Pvt. Ltd. Through Interim Resolution Professional Vs. Goouksheer Farm Fresh Pvt. Ltd. – NCLAT New Delhi Read Post »

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