Is the fees of independent auditors appointed for reporting to CoC charged as CIRP cost?

Last updated: 01 December 2021

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This judgement addresses whether the fees of an independent auditor appointed to report to the Committee of Creditors (CoC) during a Corporate Insolvency Resolution Process (CIRP) can be charged as a CIRP cost. The Insolvency Professional argued that such fees are part of the insolvency resolution process costs, as professionals appointed during CIRP are covered. The Disciplinary Committee ultimately disposed of the show cause notice without issuing directions against the Insolvency Professional.

Court :
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee)

Brief :
This Order disposes of the Show Cause Notice (SCN) No. IBBI/IP/INSP/2020/45 dated 01.04.2021 issued to Mr. Pawan Kumar Garg, R/o – 25-A, J-Pocket, Sheikh Sarai-II, New Delhi-110017 who is a Professional Member of Indian Institute of Insolvency Professionals of ICAI

Citation :
No. IBBI/DC/78/2021

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Judgement posted by

Poojitha Raam Vinay

Practice

I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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