22 (4)

The provisions of law empower CoC contemplated under Section 22 of the IBC, 2016 either to continue the IRP as RP or replace the IRP – M/s IDBI Bank Ltd. Vs. C.J. Davis IRP of Tip Top Furniture Pvt. Ltd. – NCLAT Chennai

NCLAT held that the provisions of law empower the CoC contemplated under Section 22 of the I&B Code, 2016 either to continue the IRP as RP or replace the IRP. When the provisions are unambiguous and authorises the CoC to act in accordance with law the same cannot be interfered with by the Tribunals unless and until it is arbitrary, illegal and irrational and dehors the provisions of the Code and the Rules.

The provisions of law empower CoC contemplated under Section 22 of the IBC, 2016 either to continue the IRP as RP or replace the IRP – M/s IDBI Bank Ltd. Vs. C.J. Davis IRP of Tip Top Furniture Pvt. Ltd. – NCLAT Chennai Read Post »

Whether fee of Interim Resolution Professional is calculated till date of replacement application filed before NCLT or date of replacement order of NCLT – Invent Assets Securitisation & Reconstruction Pvt. Ltd. Vs. Rajmal Labhchand Mogra, IRP of Enviiro Bulkk Handling Systems Pvt. Ltd. – NCLAT New Delhi

In this case, CoC decided to change the IRP on 16.07.2018 and application to change was filed before AA on 31.07.2018. The AA allowed the application on 09.10.2018 with the fee to the IRP till 09.10.2018. The same was objected by CoC, hence the issue before NCLAT is as to whether the IRP is entitled to receive his fees till 09.10.2018 when he was replaced or he was entitled for his fees upto an early date.
NCLAT held that after 10 days of sending the name of Resolution Professional to IBBI by the Adjudicating Authority, there being no order of the Adjudicating Authority to continue the Interim Resolution Professional(IRP) as Resolution Professional, the IRP has no right to continue to function as the Resolution Professional after such date.

Whether fee of Interim Resolution Professional is calculated till date of replacement application filed before NCLT or date of replacement order of NCLT – Invent Assets Securitisation & Reconstruction Pvt. Ltd. Vs. Rajmal Labhchand Mogra, IRP of Enviiro Bulkk Handling Systems Pvt. Ltd. – NCLAT New Delhi Read Post »

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