Alok Kaushik vs Mrs. Bhuvaneshwari Ramanathan and Others

Bench: 2 — Dhananjaya Y Chandrachud, M R Shah

In Brief

A registered valuers was appointed to value assets during a Corporate Insolvency Resolution Process (CIRP) for Kavveri Telecom Infrastructure Limited. The CIRP was later set aside by the NCLAT. The valuers claimed professional fees of Rs 7.50 lakhs and expenses of Rs 52,000 for work conducted over 84 sites. The NCLT dismissed his claim, declaring itself functus officio. The Supreme Court held that the NCLT retains jurisdiction under Section 60(5)(c) of the IBC to determine the amount payable to professionals appointed during a CIRP as part of CIRP costs, even after the CIRP is set aside. The appeal was allowed and remitted to the NCLT for determination of the valuers' claim.

The lawyer headnote and full judgment text are available to registered users.

Insolvency and Bankruptcy Corporate Insolvency Resolution Process Professional Fees Resolution Professional NCLT Jurisdiction Administrative Law

Read the full judgment & headnote. It's free.

Register to read the complete Supreme Court judgment text and the headnote, and to search 1 lakh+ Supreme Court judgments by meaning. It is a free service.