In Brief
A Resolution Professional claimed fees and expenses for work done during a corporate insolvency resolution process. The financial creditor accepted the claim as conforming to the bid. However, the NCLT and NCLAT awarded a reduced amount without explaining their reasoning or analyzing the claim against the bid or regulations. The Supreme Court held that both orders suffered from abdication of jurisdiction. The court set aside both decisions and remitted the matter to the NCLT to conduct a fresh determination with substantive analysis of whether the claimed amount was reasonable and consistent with the technical bid and IBBI regulations.
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