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.

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