IRP fees to be paid from date of charge till date of appointment of New Resolution Professional

NCLAT Chennai ruled that an Interim Resolution Professional (IRP) is entitled to fees from the date of taking charge until the appointment of a new Resolution Professional (RP).

The case involved Noble Ispat and Energies Limited under CIRP, where IREDA had proposed the appellant as IRP, agreeing to pay ₹4,00,000 for every 30 days of service.

The appellant's role continued for 53 days beyond the initial 30-day period before a new RP was appointed.

NCLAT directed Respondent No. 2 to pay ₹6,49,290 as proportional fees for the additional period served by the appellant as IRP.