CP(IB)No. 1792/MB/C-II/2017 Application filed under section 60(5) of Insolvency and Bankruptcy Code, 2016, r/w Regulation 31 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), 2016 r/w Rule 11 of National Company Law Tribunal Rules, 2016.

Minita D Raja, RP …Applicant V/s.

The Cosmos Co-op Bank Limited In the matter of The Cosmos Co-op Bank Limited.

…Financial Creditor V/s Crystal Clear Veg Oil Refinery Pvt. Ltd.

…Corporate Debtor Order Pronounced on :- 11.08.2023 Coram:

Shyam Babu Gautam Kuldip Kumar Kareer Member Technical Member Judicial CP(IB)No. 1792/MB/C-II/2017 Appearances (through video conferencing)

For the Applicant : Mr. Sandeep Bajaj, Advocate For the Financial Creditor : Mr. Rohit Gupta, Advocate ORDER Per :- Shyam Babu Gautam, Member Technical

1. The present Application has been filed by the Resolution Professional seeking payment of Resolution Professionals fee and reimbursement of expenses incurred by the Applicant in conducting the Corporate Insolvency Resolution Process of the Corporate Debtor. The Applicant states that since June, 2020 the Applicant has neither received her professional fees nor the miscellaneous expenses incurred. The Applicant has filed the present Application to consider the expenses incurred by the Applicant in light of the Judgement dated 17.11.2022 passed by Hon’ble NCLAT wherein it was Ordered as :

“14. In view of the judgment of the Hon’ble Supreme Court on the law and the reasons as stated above, this Tribunal is of the view that the Order passed by the Adjudicating Authority is a non-speaking and without assigning any reasons is per se illegal. Accordingly, the order passed by the Adjudicating Authority in I.A. No. 1339 of 2019 and I.A. No. 3967 of CP(IB)No. 1792/MB/C-II/2017

2019 in CP 1792 of 2017 dated 04.01.2021 is set aside and the matter is remitted back with the following directions:

i. The Adjudicating Authority is directed to reconsider the Application on its merit ad pass a reasoned order in accordance with law within a period of 45 days from receipt of copy of this Order.

ii. The period spent before this Tribunal from the date of filing of this Appeal and till this date is excluded for the purpose of CIRP.”

2. In pursuance to the said Order, the Applicant apprised the Tribunal about the directions of the Hon’ble NCLAT and accordingly MA 1339 of 2019 was taken. The RP filed Affidavit dated 13.01.2023 and 14.04.2023 thereby placing on record the updated statement of expenses incurred in carrying out the CIRP till April amounting to Rs. 88,05,305/- and list of statutory filings from July 2020 onwards to keep the Corporate Debtor as a going concern.

3. Further, the Respondent have taken contentions as to that the RP has not performed any work from July, 2020 and therefore is not entitled for any fee. The fee charged by the RP is excessive and arbitrary and against the submitted Resolution Plan of Rs. 65,00,000/- (which was rejected by the Respondent), the CIRP cost is more than Rs. 1,00,00,000/- which is not justifiable. The Respondent asked the Applicant to convene a meeting of CoC members for reduction of fees of the RP, however, the Applicant CP(IB)No. 1792/MB/C-II/2017 refused to call the meeting on the ground that the CIRP is over and thus the meeting could not be conducted. The Respondent also contended that the Applicant has also not made the up to date statutory compliances. The Applicant also failed to file an application for liquidation nor filed an Appeal challenging the IA 1339 of 2019 which was filed under Section 12A of the Code.

4. The Applicant vide its Affidavit dated 14.04.2023 has placed on record list of work performed by the RP from the year 2020. The Applicant states that several compliances, filings have been done by the Applicant from time to time to keep the Corporate Debtor Company as a going concern. Further, the Applicants fee was duly approved by the CoC in the 2^nd CoC meeting being Rs. 2,50,000/-. The Responden