IBBI empowered to regulate payment of remuneration of RP and IRP

Sumit Bansal, Insolvency Professional Vs Committee of Creditors of JP Engineers Pvt. Ltd. (NCLAT Delhi) NCLAT not agreed with the submissions of the Counsel for the Appellant that IBBI has no jurisdiction with regard to question of fee which is entitled to be paid to the IRP/ RP. The IBBI is clothed with Regulations making power under Section 240 of the Code. The general power of framing regulations to carry out the provisions of this Code encompasses in itself the power to regulation regarding Insolvency Professionals. The Insolvency and Bankruptcy Board of India (Insolvency Professionals) Re...