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Judgment
ORDER
Short note on behalf of respondent No.1 has been filed by Mr. Aalok Jagga, Advocate vide Diary No. 00229/5 dated 13.12.2024. The same is taken on record.
It is stated by Mr. Surjeet Bhadu, Advocate that as per instructions, the amount of Rs. 70,000/- has been deposited by the operational creditor and the same is acknowledged by the learned counsel for the applicant Mr. Vineeth Reddy Vakiti, Advocate. Now, the other point which is left for consideration is, whether the minimum amount of Rs. 1,00,000/- as fee should be fixed or any more amount for expenses is payable in addition to Rs. 70,000/- to the applicant, in view of the fact that the CIRP order has already been set aside by Hon’ble NCLAT vide order dated 03.11.2023.
The present application has been filed by erstwhile IRP-applicant fixing the fee for discharging the functions and duties of IRP with effect from 01.01.2023 to 03.11.2023 as per the Regulation 34 of the CIRP Regulations apart from the expenses.
In para 13 of this application, detailed calculation of the expenses has been made in which total expenses are Rs. 86,163.49/- out of which Rs. 70,000/- has already been paid and net receivable is Rs. 16,163/-. Apart from this, it is argued by the learned counsel for the applicant that the fee of the IRP be fixed in view of the Regulation 34B. On the other hand, it is opposed by learned counsel for the operational creditor i.e. K.K. Steels stating that the entire process of CIRP was stayed by Hon’ble NCLAT vide order dated 27.01.2023 and subsequently, CIRP order was set aside vide order dated 03.11.2023 of the Hon’ble NCLAT. However, perusal of the order dated 27.01.2023 passed by Hon’ble NCLAT shows that IRP was directed to receive the claims and collate the claims but no further steps shall be taken by IRP in pursuance of the CIRP order. It is submitted by learned counsel for the applicant-IRP that no CoC was constituted and ultimately the CIRP order was set aside by Hon’ble NCLAT vide order dated 03.11.20223.
Be that as it may. Keeping in view all the facts and circumstances, when the order of the CIRP has been finally set aside by the Hon’ble NCLAT, in addition to the remaining amount of Rs. 16,163/- expenses, it would be just fair and reasonable that a fee of Rs. 1,00,000/- (Rupees One Lakh only) is paid to the applicant, the then IRP. Learned counsel for the respondent No. 2 is directed to pay the said amount within two weeks. With these observations, IA No. 603/2024 is allowed and disposed of accordingly.