The Insolvency and Bankruptcy Board of India ( IBBI ) has suspended an Insolvency Professional for one year on ground of charging exorbitant fee from an operational creditor for her services as IRP/RP. In the instant case, Ms. Ruia contracted a professional fee of Rs.13.75 crore comprising IRP fee of Rs.5 crore for the first one month and RP fee @ Rs.1.75 crore for five subsequent months. As per the term sheet and also the provisions of regulation 33 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, that the amount of fee ratified by the CoC shall be considered as the IRPC.
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