NCLAT directs Payment of Rs.6.49 Lakh to IRP u/s 7 of IBC for Additional 53 Days of Service beyond initial term

The National Company Law Appellate Tribunal (NCLAT) has directed the payment of an additional sum to an Interim Resolution Professional (IRP) for their service beyond the initial term in an Insolvency and Bankruptcy Code (IBC) case. The IRP had been working on a corporate insolvency resolution process and was not compensated for the extended period after their initial appointment term. NCLAT held that the IRP should be paid for the additional days of service, as they were carrying out necessary duties to ensure the completion of the resolution process. This ruling emphasizes the need for fair compensation to professionals involved in IBC cases, highlighting that the terms of their engagement must be honored even if the process extends beyond the agreed duration.