Section 33 in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
33. Costs of the interim resolution professional.
(1)The applicant shall fix the expenses to be incurred on or by the interim resolution professional.(2)The Adjudicating Authority shall fix expenses where the applicant has not fixed expenses under sub-regulation (1).(3)The applicant shall bear the expenses which shall be reimbursed by the committee to the extent it ratifies.(4)The amount of expenses ratified by the committee shall be treated as insolvency resolution process costs.[Explanation - For the purposes of this regulation, "expenses" include the fee to be paid to the interim resolution professional, fee to be paid to insolvency professional entity, if any, and fee to be paid to professionals, if any, and other expenses to be incurred by the interim resolution professional.] [Substituted by Notification No. IBBI/2017-18/GN/REG030, dated 27.3.2018 (w.e.f. 30.11.2016).]
