The board vide its circular dated 16.01.2018 had clarified that for calculating the Insolvency Resolution Process Cost under Regulation 31 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the fees payable to the person acting as a resolution professional will only be included that is the fees defined under Section 5(13) of Insolvency and Bankruptcy Code 2016 (the Code). The fees w.r.t other professionals appointed by Insolvency Resolution Professional shall not form part of the insolvency resolution process cost. Such other professionals appointed by an insolvency professional shall raise bills/invoices in his/its name towards such fees and such fees shall be paid to his/its bank account.
Furthermore, it is also again clarified that an insolvency professional shall render services for a fee which is a reasonable reflection of his work, raise bills/invoices in his name towards such fees, and such fees shall be paid to his bank account.
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