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Judgment
CA-1269(PB)/2019:-
On the basis of the minutes of first meeting of CoC held on 29.04.019, the erstwhile RP has filed the instant application with a prayer to direct the CoC to reimburse the approved cost incurred by IRP on the CIR Process till 02.04.2019. Under agenda item no. 6 the following minutes were approved by the CoC on 29.04.2019 and along with the balance amount payable to the IRP which reads as under:-
"Approval of the Insolvency resolution process cost incurred till date and proposed to be incurred to complete the corporate insolvency resolution process in terms of the IBC Code
The RP presented the details of bills received from the IRP Mr. Ashutosh Jain i.e. for the work done till IRP period. The CoC discussed the same and approved the cost as detailed below. The RP put up further cost to be incurred of which one time cost on account of Floating EOI, cost of evaluation matrix and fees of two valuers with per month cost of which details are presented below with approval of the CoC.
It is resolved further that RP will take full attempt to generate sufficient funds in the account of CD so that CIRP cost is met. The RP informed that there is no operation in the company with almost nil balance in accounts and only source may be Maintenance Contract and Antriksh Developers & promoters Pvt. Ltd. It is also informed that if on sources are matured then RP will raise monthly bill to the CoC and CoC shall decide in between the respective share to be brought in by the CoC members shall deposit their share or as decided by them in between to the designated bank account of the CD as shall be advised by the RP through mail.
Cost Approved by the CoC for IRP period i.e. till 02.04.2019
Amount in Rs
Particulars
Total Expenses Incurred till 03.04.20 19 i.e. IRP period
Expenses Paid
Balance to be paid
Expenses Paid by
Approved/Not Approved by CoC
IRP Fees
75,000
0
75000
Paid by Kapil Arora
Approved
Cost of Public Announcement
50,400
50,400
0
Kapil Arora, Petitioner
Not Approved Cost not to be rectified by the CoC as it has to be borne by the petitioner
Travel, boarding cost of IRP
5500
5500
0
Ashutosh Jain, IRP
Approved
Legal Expenses Incurred for filing of constitution of CoC before NCLT
18880
0
18880
Unpaid
Approved
Legal Expenses Incurred
35400
10,000
25400
Kapil Arora
Approved
RoC filing and other fee
400
400
0
Ashutosh Jain, IRP
Approved
E voting
5310
0
5310
Unpaid
Approved
190890
66300
124590.0 0
A copy of the application has already been furnished to Mr. Arvind Bishwabandhu, learned counsel for the CoC. He has made submission that the amount approved by CoC is disputed. There is neither any affidavit filed nor any document placed on record to show any such dispute. In any case we refuse to accept that approved CoC minutes of meeting held on 29.04.2019, could be contradicted like this particularly when the Item No. 6 has been approved by overwhelming voting share of the CoC (page 41). Accordingly, we direct the CoC to comply with its own resolution and pay the balance amount as per the resolution dated 29.04.2019 passed in first meeting of CoC.
The application stands disposed of.
CA-381(PB)/2019:-
This is an application filed under Section 19(2) of the Code, requiring the Ex.-management to appear before the RP and co-operate. However, learned counsel for the corporate debtor states that in pursuance of Section 12A of the Code, the matter has been settled and appropriate application has been filed but the same is yet to be listed.
List for further consideration on 27.08.2019.