Madras HC dismisses plea challenging levy of IBBI on IP Fees

CA Venkata Siva Kumar Vs IBBI (Madras High Court) Madras High Court upheld the requirement which mandates that the IP should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the IBBI. The Madras High Court has dismissed a writ petition that challenged and sought the striking down of Regulation 7(2)(ca), which stipulates the requirement that the Insolvency Professionals (IP) should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the Insolve...