DEVARAJAN RAMAN Vs. BANK OF INDIA LIMITED

JUDGEMENT

(1.) This appeal arises from a judgment of the National Company Law Appellate Tribunal ("NCLAT or appellate authority") dated 30 July 2020 in Company Appeal (AT) Insolvency No 646 of 2020 (Mr Devarajan Raman, Resolution Professional Poonam Drums and Containers Pvt Ltd v Bank of India Ltd).

(2.) The issue in dispute relates to the payments of costs and expenses incurred by the Resolution Professional ("RP") . Pursuant to an email dated 4 February 2019 of the respondent, who was a financial creditor of Poonam Drums and Containers Private Limited (the Corporate Debtor), the appellant submitted his technical and financial bid on 5 February 2019 for appointment as an Interim Resolution Professional. On 8 March 2019, the respondent filed a petition under Section 7 of the Insolvency and Bankruptcy Code 2016 ("IBC") against the Corporate Debtor. On 20 September 2019, the Corporate Debtor was admitted to the insolvency resolution process by the National Company Law Tribunal ("NCLT or adjudicating authority") and the appellant was appointed as an Interim Resolution Professional. The order of appointment of the appellant is reflected in operative direction VI of the order of the NCLT, which reads as follows:

(3.) On 19 December 2019, the order of the NCLT was set aside in appeal (Company Appeal (AT) Insolvency No 1092 of 2019) by the NCLAT at the behest of the Directors of the Corporate Debtor. By the order of the appellate authority, the proceedings were remitted to the NCLT to decide upon the fee and costs of the Corporate Insolvency Resolution Process ("CIRP") incurred by the appellant which was to be borne by the respondent as a financial creditor.