Determination of Liquidator Fee where realised amount not distributed or amount distributed but not realised
Determination of Liquidator Fee
IBBI (Liquidation Process) Regulations, 2016 require the committee of creditors to fix the fee payable to the liquidator. Where the fee has not been fixed by the committee of creditors, the Regulations provide for a fee as a percentage of the amount realised and of the amount distributed by the liquidator. There have been instances where a liquidator realises the amount while another liquidator distributes the same to stakeholders. The amendment made to the Regulations today clarifies that where a liquidator realises any amount, but does not distribute the same, he shall be entitled to a fee corresponding to the amount realised by him. Likewise, where a liquidator distributes any amount, which is not realised by him, he shall be entitled to a fee corresponding to the amount distributed by him.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020
- Mounting auto rickshaw body on chassis, amounts to new product – Supreme Court
- Registration u/s 12A granted without applying tests laid down by Apex Court set aside
- In absence of satisfaction recorded for penalty u/s 271D, penalty couldn’t be levied
- GST Act requires personal hearing either on request, or when adverse order is contemplated
- Once registration u/s 12A granted, registration u/s 80G cannot be refused – SLP dismissed