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Judgment
53 paragraphs · 497 wordsB.S.V. Prakash Kumar, Actg. President
HEARD AND DICTATED IN OPEN COURT ON : 21.01.2020
On two applications filed by the Resolution Professional seeking exclusion of stay period and also another application for change of IRP, while this Bench is about to take up hearing on these applications, the IRP has stated that he was appointed as IRP on 29.03.2019, ever since, till date these applicants have not paid even single penny to him despite he has claimed Rs. 19,74,366/- under various heads as mentioned in the chart set out below:
"List of Fees and expenses on the insolvency case:
S. No.
Particulars
Amount (Rs.)
1
Professional Fees of Resolution Professional (from 29.03.2019 to 14.01.2020)
8,87,500
2
Travelling and other expenses for the period (from 29.03.2019 to 28.08.2019)
34,216
3
Travelling and other expenses for the period (from 29.08.2019 to 14.01.2020)
31,264
4
Support staff salary for the period from 29.03.2019 to 28.11.2019
2,40,000
5
Security staff employed for sector 88, Faridabad project for period from 15.09.19 to 31.12.19
5,00,809
6
Publication of newspaper advertisement
27,426
7
Legal expenses till date
1,53,100
8
Other out of pocket and miscellaneous expenses
26,651
9
E-Voting Linkstar Infosys Pvt. Ltd.-for COC dated 06.11.2019
11,800
10
Meeting refreshments and food expenses 06.11.2019
2,800
11
E-Voting Linkstar Infosys Pvt. Ltd.-for COC dated 05.12.2019
11,800
12
Meeting refreshments and food expenses 05.12.2019
1,000
13
Fees and expenses of Authorized Representative for two COC meetings
46,000
Total
19,74,366
GST and taxes are over and above the above stated expenses and fees"
He further says that he has no objection for he has been changed with somebody else but since he is a professional, he cannot keep rallying around the COC members for his remuneration and other expenses incurred, it is the money spent from his pocket therefore, unless this payment is made forthwith it will be very difficult for him to remain waiting recovering for this amount from the COC members.
On looking at the pathetic situation of this IRP, we are of the view that this COC and others litigants have been running this litigation before NCLT, Hon'ble NCLAT and Hon'ble Supreme Court, but not ready to make payment to this IRP. On the top of it, they say that this IRP has not complied with procedure and other aspects. It is understandable if they make some payment to him and say that he is not discharging his duties, it is considerable, but whereas expecting a person who is not connecting to this case to spend money from his pocket, is unreasonable.
In view thereof, notwithstanding the claim amount mentioned here, and the COC raising hue and cry saying that only two COC meetings held so far, the expenditure on his remuneration not being much, we hereby direct the COC to atleast pay Rs. 10/- lakhs to this IRP within one week hereof. On payment of the said amount, these two remaining applications will be decided by this Bench.
List the matter on 11.02.2020.