NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations
1 year, 2 months ago

NCLAT New Delhi: Liquidator Is Entitled To His Fee Under S. 34 Of IBC And Regulation 4 Of Liquidation Regulations And Cost Under Regulation 2B Of Liquidation Regulations

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising Justice Ashok Bhushan and Barun Mitra has held that the Liquidator is entitled to his fee under Section 34 of the Insolvency and Bankruptcy Code, 2016 and Regulation 4 of Insolvency and Bankruptcy Board of India Regulations, 2016 and Cost under Regulation 2B of Liquidation Regulations. NCLAT Verdict: The NCLAT New Delhi dismissed the appeal and held that the Liquidator is entitled to his fee under Section 34 of IBC and Regulation Regulation 4 of Liquidation Regulations and Cost under Regulation 2B of Liquidation Regulations. Additionally, the proviso to Liquidation Regulation 2 specifies that costs incurred by the Liquidator in a compromise or arrangement under Section 230 of the Companies Act should not be considered part of the liquidation cost. The NCLAT noted that Regulation 2B of the Liquidation Regulations specifically addresses the costs incurred by the Liquidator, while Regulation 4 deals with the Liquidator's fee.

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History of this topic

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT
3 months, 2 weeks ago

Secured Creditor Is Liable To Pay Liquidator's Fees Under Rule 21A Of Liquidation Regulations If Option U/S 52 Of IBC Is Exercised: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka has held that the fee of the liquidator has to be paid within 90 days from the liquidation commencement date as provided under Regulation 21A of the Liquidation Regulations if the secured creditor opts to realise its security interest under section 52 of the code. Observations: …

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
4 months, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily
1 year, 2 months ago

NCLAT Delhi: Decisions To Liquidate Corporate Debtor By CoC U/S 33(2) Of IBC Must Be With Reasons And Cannot Be Done Arbitrarily

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra held that decisions of the Committee of Creditors to liquidate under Section 33 of Insolvency and Bankruptcy Code, 2016 have to be with reasons and the liquidation cannot be decided arbitrarily. Background Facts: On 10.08.2023, the Adjudicating Authority admitted the application of …

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...
1 year, 5 months ago

NCLAT New Delhi: Liquidator Must Follow Clause 12 Of Schedule 1 Of Liquidation Process Regulations, 2016, And Not Lay Its Owns Terms And Conditions In The EOI For Period Of Payment Of Balance Sale...

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha dismissed the appeal filed against the order of the National Company Law Tribunal Kolkata Bench dated 23.02.2023. The Appellate Tribunal held that the Liquidator is required to follow the terms and conditions of Clause 12 of Schedule 1 of the Liquidation …

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs
1 year, 5 months ago

NCLT Kolkata: Dismissal Of Scheme Of Compromise At First Motion, Liquidator Not Entitled To Claim Fees And Other Costs

Live Law  

The National Company Law Tribunal Kolkata Bench comprising Bidisha Banerjee and D. Arvind allowed the application filed in Radhasiriya Properties Pvt. The Tribunal held that when scheme of compromise and arrangement proposed by Applicant is rejected at its first motion by Creditors, Proviso to Rule 2B of Liquidation Process Regulations 2016 does not apply and Liquidator is not entitled to …

IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations
1 year, 5 months ago

IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4 of IBBI Regulations, 2016. If liquidators’ fee is not fixed under Regulation 4 and 4, then Regulation 4 provides that the liquidator shall be entitled to a fee as a percentage of the amount realised …

Sebi to consider legal cost recovery from penalties
11 years ago

Sebi to consider legal cost recovery from penalties

India TV News  

New Delhi: With many of its orders getting challenged in tribunal and courts, Sebi wants to recover legal expenses incurred in such litigations from penalties imposed by it on defaulters before crediting the same to the government's coffers. The capital markets regulator has incurred litigation expenditure in the range of Rs 4-5 crore in each of the past three financial …

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