Amarpal vs Present
- CitationCompany Appeal (AT) (Insolvency) No. 1676 of 2023
Ratio decidendi
The rule this decision rests on
The Adjudicating Authority, in granting exclusion of time from the CIRP period under the Insolvency and Bankruptcy Code, may direct that the Resolution Professional's fee be reduced during the excluded period, and the Resolution Professional's non-agreement to such reduction is not a precondition to the making of that order. A Resolution Professional who is dissatisfied with a fee condition attached to an exclusion order is not thereby entitled to resist the order; the remedy available to him is to withdraw from the CIRP.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
IN THE MATTER OF: Amrapal Resolution Professional SRS Real Infrastructure Ltd. ...Appellant
Versus
Present: For Appellant : Mr. Nahush Jain, Mr. Hritik and Mr. Anuj Kumar Chauhan, Advocates
For Respondent : None
ORDER
(Hybrid Mode)
02.01.2024 Heard Counsel for the Appellant. This appeal has been filed
against the order dated 11.10.2023 by which order, Adjudicating Authority
has allowed the I.A. No.2205 of 2023 filed by the RP for exclusion of 100 days
from CIRP period. The Adjudicating Authority while granting exclusion
directed that the IRP is entitled to 50% of the agreed fee during the period of
exclusion of 100 days. RP is aggrieved by the direction for deduction of 50%
fee during the exclusive period.
Learned Counsel for the RP submits that RP did not agree for reduction
of the fee. We are of the view that it is not the agreement of RP which is
required before the Adjudicating Authority before passing an order. The
Adjudicating Authority is fully entitled to pass any order granting exclusions
subject to any condition, if RP is not satisfied with reduction of fee it is always
open for IRP to withdraw from the CIRP.
We do not find any infirmity in the order of the Adjudicating Authority
directing reduction of fees 50% during the exclusion period. There is no merit
in this Appeal. Appeal is dismissed.
[Justice Ashok Bhushan] Chairperson
[Mr. Barun Mitra] Member (Technical)
[Mr. Arun Baroka] Member (Technical) pks/md
Company Appeal (AT) (Insolvency) No. 1676 of 2023 2 of 2
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