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Judgment
O R D E R
06.03.2024: Perusal of the order dated 28.02.2024, shows the Ld. Counsel on behalf of the Appellant was to seek instructions as to if the appellant is inclined to make payment of Rs. 2,00,000/- in full and final settlement of all dues of Resolution Professional. However, the Ld. Counsel for the Appellant submits the Appellant is not inclined to pay any further fee as its claim was merely Rs. 1,02,455/- and they have already paid an amount of Rs. 2,00,000/- i.e., more than its claim amount and only for this reason the appellant had not pursued the CIRP which was later closed on 29.07.2021.
As it is evident from the order dated 28.02.2024, the fee claimed by the RP was essentially for the period from 01.03.2020 till 29.07.2021. The fee of the RP is regulated by Regulation No. 34 B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Schedule II of the same gives the period for minimum fixed fee as under:
2.The minimum fixed fee shall be applicable for the period, from appointment as interim resolution professional or resolution professional, till the time of-
(a)Submission of application for approval of resolution plan under Section 30;
(b)Submission of application to liquidate the corporate debtor under Section 33;
(c)Submission of application for withdrawal under Section 12A; or
(d)Order for closure of corporate insolvency resolution process; whichever is earlier.
We have perused the file. On record we find the Board had recommended in terms of the Board’s internal guidelines dated 06.06.2021 for fixing the fees of IP’s, and recommended the fee of RP in this case may be fixed at Rs. 2,65,000/- (including GST of Rs. 40,500/-, calculated at Rs. 15,000 per month for 15 months).
Admittedly the CIRP is not a mode for settling disputes qua recovery of the due amount(s) as it may entail serious repercussion, hence, the argument viz the amount claimed in the petition was only Rs. 1,02,455/- hence the appellant would not pay, is without merit.
Consequently, we find no merit in the appeal. The Appeal stands dismissed with a direction to the appellant to pay the fees to RP as above, within four weeks from today. The file be consigned.