RP Fee-During lockdown/COVID19

Once RP fee has been approved by CoC it cannot be reduced without the consent of the Resolution Professional and also reduction of professional fees for the lockdown/COVID19 period shall not be allowed – Mr. Mukesh Verma For SAB Global Entertainment Media Pvt. Ltd. – NCLT Mumbai Bench

NCLT held that the Resolution Professional has rightly placed reliance on CIRP Regulation 34 and in accordance of the same the fees to be paid to the Resolution Professional was fixed by the Committee. Once the fees has been approved it cannot be reduced without the consent of the Resolution Professional. This Bench therefore directs the CoC to make payment of full CIRP costs as agreed in the 1st and 3rd CoC meetings and orders that the reduction of the professional fees of the Resolution Professional for the lockdown period shall not be allowed.

Once RP fee has been approved by CoC it cannot be reduced without the consent of the Resolution Professional and also reduction of professional fees for the lockdown/COVID19 period shall not be allowed – Mr. Mukesh Verma For SAB Global Entertainment Media Pvt. Ltd. – NCLT Mumbai Bench 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 »

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