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Judgment
12 paragraphs · 550 wordsIA/3872/2021
By filing this application, the applicant has prayed for fixation of fee and expenses as per Annexure A-6 at Page 63 of the application.
Heard the Ld. Counsel for the applicant as well as Ld. Counsel for the Operational Creditor and perused the averments made in the application.
Ld. Counsel for the applicant submits that earlier the CIRP was initiated against the Corporate Debtor on 04.06.2020 but the same was set aside by the Hon'ble NCLAT vide order dated 19.10.2020. He further submits that while disposing of the said appeal, the Hon'ble NCLAT has given the directions to the applicant to file an appropriate application for fixation of his fee and the other charges. Accordingly, the present application is filed for the fixation of fee and the other charges.
Ld. Counsel for the Operational Creditor submits that so far the expenditure as well as Advocate fees shown at Annexure A-6 is concerned, Operational Creditor is not opposing that prayer but so far the IRP fees is concerned, Operational Creditor is opposing the prayer, on the ground that the fee claimed by the IRP is not in accordance with the provision of law, so, the same may be reconsidered.
Considering the submissions, in other matters, while sitting in Bench-II, NCLT, New Delhi, a ref was made to the IBBI (Insolvency 8s Bankruptcy Board of India) by Member J for the fixation of fee and the expenditure and the IBBI by submitting their report in that matter had fixed a fee of IRP is Rs. 50,000 per month.
So, applying that principle, in this matter too, we think it proper to fix the fee of IRP @ Rs. 50,000/- per month. Since, the total period during which the CIRP was initiated and the appeal was disposed of is of 4 months 18 days. Therefore, calculating the fee of the IRP @ Rs. 50,000/- per month, the total fee which is admissible is of Rs. 2,30,000/- only. So far the expenditures claim at Annexure A-6 is concerned, we hereby allow the total expenditure including advocate fees is Rs. 41,606/-.
Accordingly, we are giving the following directions in terms of the above observations.
The IRP is entitled to get fee @ Rs. 50,000/- per month for the total period of CIRP i.e. 4 months and 18 days. Therefore, the total fee of IRP is Rs. 2,30,000/- and towards expenditure, we allow the prayer including the fee of Advocate and publication charges as per Annexure A-6 is Rs. 41,606/-.
It is admitted fact that at the time of admission of this order this Adjudicating Authority had directed the Operational Creditor to deposit Rs. 2,00,000/- and accordingly, the Applicant/Operational Creditor had deposited Rs. 2,00,000. Therefore, after deducting that amount the applicant is entitled to get Rs. 71,606/- (including IRP fees and other applicable charges). Hence, the Operational Creditor is directed to pay the amount i.e. Rs. 71,606/- to the IRP within a week from today.
In course of writing of the order, Ld. Counsel for the Operational Creditor submits that the IRP may be directed to share his bank account details. Accordingly, we hereby direct the IRP to share his bank account details to the Operational Creditor, so, that above mentioned amount may be transfer in his account.
With this present application stands disposed of.