{"id":266687,"date":"2022-05-10T16:00:58","date_gmt":"2022-05-10T10:30:58","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=266687"},"modified":"2022-06-03T11:13:04","modified_gmt":"2022-06-03T05:43:04","slug":"once-insolvency-proceedings-are-put-on-stay-can-resolution-professionals-still-be-entitled-to-fees-during-stay-nclat","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/10\/once-insolvency-proceedings-are-put-on-stay-can-resolution-professionals-still-be-entitled-to-fees-during-stay-nclat\/","title":{"rendered":"Once insolvency proceedings are put on Stay, Can resolution professionals still be entitled to fees during Stay? NCLAT answers"},"content":{"rendered":"

National Company Law Appellate Tribunal (NCLAT), New Delhi<\/strong>: In a matter with regard to fees of resolution professional, the Coram of Justice Ashok Bhushan (Chairperson) and Shreesha Merla (Technical Member) held that, when proceedings in a matter are put to stay, the resolution professional is not entitled to fees during the stay on insolvency.<\/p>\n

An appeal had been filed against the order of the National Company Law Tribunal, Mumbai, by which the Resolution Professional was allowed for reimbursement of Rs 30,81,719.<\/p>\n

In 2018, the Corporate Insolvency Resolution Process was initiated, and the Insolvency Resolution Professional was appointed.<\/p>\n

Appellant contended that, when the Supreme Court of India had stayed the insolvency proceedings, there was no entitled fee to be paid to the Resolution Professional.<\/p>\n

Further, the Counsel for the Resolution Professional submitted that even when the Insolvency Proceedings were stayed, certain expenses were incurred by the RP which payment cannot be denied.<\/p>\n

\n

Analysis and Decision<\/span><\/h4>\n
\n<\/blockquote>\n

Tribunal stated that, when the Supreme Court order 26-11-2018, had stayed the insolvency proceedings which proceedings ultimately were set aside by the final Judgment dated 2-9-2019, the Resolution Professional was not entitled to any fee after 26-11-2018.<\/p>\n

In view of the above, the appeal was partly allowed. [IndusInd Bank Ltd. v. Rajendra K. Bhuta, 2022 SCC OnLine NCLAT 201<\/b><\/a>, decided on 26-4-2022]<\/p>\n

\n

Advocates before the Tribunal:<\/strong><\/p>\n

For Appellant: Mr. Rohit Gupta, Ms. Rubina Khan, Advocates.<\/p>\n

For Respondent: Mr. Rajeev K Pandey, Mr. Rajeev M Roy, Advocates for R-2<\/p>\n

Mr. Mayank Kshirsagar, Darryl Pereira, Advocates for IRP\/R1<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal (NCLAT), New Delhi: In a matter with regard to fees of resolution professional, the Coram of Justice <\/p>\n","protected":false},"author":8808,"featured_media":266692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[27024,40198,22014,34025],"class_list":["post-266687","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-fees","tag-insolvency-proceedings","tag-nclat","tag-resolution-professional"],"yoast_head":"\nOnce insolvency proceedings are put on Stay, Can resolution professionals still be entitled to fees during Stay? 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NCLAT discusses Ss. 95, 97, 99 IBC","author":"Bhumika Indulia","date":"January 7, 2022","format":false,"excerpt":"National Company Law Appellate Tribunal, New Delhi (NCLAT): Coram of Justice Ashok Bhushan (Chairperson) and Justice Jarat Kumar Jain, Judicial Member and Dr Alok Srivastava, Technical Member heard appeals filed against the decision passed by National Company Law Tribunal, Mumbai. A petition was filed under Section 95 of the Insolvency\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":216864,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/15\/nclat-jet-airways-nclt-order-declaring-insolvency-proceedings-in-netherlands-as-not-maintainable-stayed\/","url_meta":{"origin":266687,"position":5},"title":"NCLAT | Jet Airways -\u2014 NCLT order declaring insolvency proceedings in Netherlands as not maintainable stayed","author":"Bhumika Indulia","date":"July 15, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT), New Delhi: The 3-Judge Member Bench comprising of Justice S.J. Mukhopadhaya (Chairperson) and Justice A.I.S Cheema (Judicial Member) and Kanthi Narahari (Technical Member), while pronouncing an order in regard to the \"Jet Airways\" setback addressed the following question: \"Whether separate proceeding(s) in 'Corporate Insolvency\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/266687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=266687"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/266687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/266692"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=266687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=266687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=266687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}