Fees of Resolution Professional rightly reduced for non-completion of CIRP in time bound manner

India Resurgence ARC Pvt. Ltd. Vs Rohit J. Vora (NCLAT Delhi) NCLAT Delhi held that adjudicating authority rightly reduced fees payable to Resolution Professional on failure in complying with his responsibilities of completing CIRP in a time bound manner. Facts- The present appeal is filed u/s 61 of Insolvency and Bankruptcy Code, 2016 (IBC) arises out of the order passed by the Adjudicating Authority (National Company Law Tribunal) wherein the Adjudicating Authority has directed the Committee of Creditors (CoC) for payment of fees to the Resolution Professional (RP) of Rs.1 lakh per month + G...