The National Company Law Appellate Tribunal (NCLAT), has observed that IBBI is fully clothed with the jurisdiction to regulate payment of remuneration of Resolution Professional and Interim Resolution Professional.
Sumith Bansal(Appellant), Insolvency Professional appointed as IRP. Later he was replaced by the RP. After that he filed application before Adjudicating Authority claiming the payment of 2 lakhs rupees per month which the Adjudicating authority took a decision to refer the matter to the Insolvency and Bankruptcy Board of India. Challenging the order of Adjudicating authority the appellant filed an appeal satating that IBBI has no Jurisdiction to decide the question of payment of fees.
The NCLAT disposed the matter stating that IBBI is fully clothed with jurisdiction to regulate payment of remuneration of RP and IRP both by framing regulation and by issuing executive instructions till regulation are not framed can regulate the subject.
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