ALLWIN CARGO SERVICE Vs. PADMABALAJI STEELS PVT LTD

JUDGEMENT

(1.) Counsel for the Financial Creditor present. Counsel for the IRP also present. The Financial Creditor filed memo stating therein that he undertakes to pay the entire expenses incurred by IRP towards advertisement to the tune of Rs.56,700/- and the professional fee to the tune of Rs.40,000/-. The Counsel for the IRP did not accept the proposal for payment of Rs.40,000/-. He submitted to pay Rs.50,000/- as professional fee to IRP. Therefore, we direct the Financial Creditor to pay Rs.50,000/-as professional fee to IRP within one week.

(2.) The first CoC has approved the name of Mr. N. Sivachalam as Resolution Provisional. The Registry is directed to send the name of the RP to the IBBI for confirmation within stipulated time. Till then, the IRP will continue to perform the duties as per the provisions of the IBC, 2016. Accordingly, the memo stands disposed of.