Jogma Laminates Industry Pvt. Ltd.

Can Adjudicating Authority reduce the fee of a Resolution Professional – India Resurgence ARC Pvt. Ltd. Vs. Rohit J. Vora, Erstwhile RP of Jogma Laminates Industry (P) Ltd. – NCLAT New Delhi

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Can Adjudicating Authority reduce the fee of a Resolution Professional – India Resurgence ARC Pvt. Ltd. Vs. Rohit J. Vora, Erstwhile RP of Jogma Laminates Industry (P) Ltd. – NCLAT New Delhi Read Post »

Whether Resolution Professional is entitled for the same fee as was fixed by the CoC without doing any work? – RP of Jogma Laminates Industry (P) Ltd. Vs. COC Jogma Laminates Industry (P) Ltd. – NCLT Mumbai Bench

The only contention of Mr. Partho Sarkar, counsel appearing for the RP is that even though the COC has resolved to replace the RP in the third COC meeting held on 18.07.2019, no such application was filed by the COC for change of RP and therefore the present RP is entitled for the agreed fee till the RP was discharged through an order of this tribunal. In the present application, the RP is claiming an amount @ 3.75 lacs per month both for himself and his team besides expenses in a sum of Rs. 1,68,60,372/- without doing any work. The RP cannot claim fee by taking advantage of the inaction of the COC in filing an application for his replacement nor on certain observations made in MA 3399/2019 as the above MA was filed for fee and expenses during the active period of CIRP.

Whether Resolution Professional is entitled for the same fee as was fixed by the CoC without doing any work? – RP of Jogma Laminates Industry (P) Ltd. Vs. COC Jogma Laminates Industry (P) Ltd. – NCLT Mumbai Bench Read Post »

If at all the COC is unhappy about the conduct of the RP or dereliction of duty on the part of the RP, they are at liberty to report the matter to IBBI for initiating disciplinary proceedings against the RP – Mr. Rohit Vora RP Vs. Religare Finvest Ltd. (India Resurgence ARC Pvt. Ltd.) – NCLT Mumbai Bench

It is observed from the minutes of the third COC meeting dated 18.07.2019 that the original lender, Religare Finvest Limited express their inability to provide interim finance and requested the RP to proceed ahead with the regular statutory audit and not to proceed with forensic audit. If at all the COC is unhappy about the conduct of the RP or dereliction of duty on the part of the RP, they are at liberty to report the matter to IBBI for initiating disciplinary proceedings against the RP. Since the COC has resolved to change the RP, the present RP is not questioning the Resolution nor the power of COC except claiming his fees. The COC having agreed to continue the present RP till the new RP is appointed on the same terms, now cannot deny his fee and expenses on flimsy grounds which were not borne by record.

If at all the COC is unhappy about the conduct of the RP or dereliction of duty on the part of the RP, they are at liberty to report the matter to IBBI for initiating disciplinary proceedings against the RP – Mr. Rohit Vora RP Vs. Religare Finvest Ltd. (India Resurgence ARC Pvt. Ltd.) – NCLT Mumbai Bench Read Post »

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