- (1.) The Company Petition bearing No. CP (IB) SR No. 4322/9/HDB/2017 is filed by Shri Shrikrishna Rail Engineers Pvt. Ltd. against Madhucon Projects Limited U/s. 9 of the IBC, 2016, by seeking the following reliefs: a. To pass appropriate orders under section 9 of the IBC, 2016 against the Respondent Company and the directors for initiation of Corporate Insolvency Resolution Process. b. To pass an order for appointing Mrs. Bhavna Sanjay Ruia, Insolvency Professional to act as Interim Resolution Professional for management of the Respondent Company.
(2.) Heard Shri Sanjay Kumar Ruia and Shri Ranga Rao Doradla, learned CAs for the petitioner. The learned counsels for the operational creditor explained the matter and the clarifications sought by the Adjudicating Authority. claim of the Operational Creditor is Rs. (including interest and retention money) .
(3.) The Operational Creditor has proposed Ms. Bhavna Sanjay Ruia as Interim Resolution Professional for Corporate Insolvency Resolution Process of Madhucon Projects Limited. The IRP has filed Term Sheet for Professional Assignment dated 03.11.2017. While perusing the records, the Adjudicating Authority was alarmingly shocked/ surprised to notice that the Professional Fee quoted by the proposed IRP is Rs.5 Crores till the First Committee of Creditors Meeting. Further it is noticed that fee for the subsequent months as IRP/RP on a per month basis is Rs. 1.75 Crores. The Adjudicating Authority also noted that total outstanding debt amount from the Corporate Debtor is only Rs.4.16 Crores (including interest and retention money) . It is also observed that the fee proposed by IRP works out to Rs.14.00 Crores approx., apart from other incidental expenses.;