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Episode 29 - IBBI is empowered to levy fee as a percentage of annual remuneration drawn as an IP: Madras HC
The power of the Insolvency and Bankruptcy Board (the "IBBI") to levy fee of 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year and also 0.25% of the turnover of an IPE in the preceding financial year and the regulations thereof were challenged before the Hon'ble High Court of Judicature at Madras.
In this case we will quickly discuss how the Hon'ble High Court addressed this case.
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By VListenThe power of the Insolvency and Bankruptcy Board (the "IBBI") to levy fee of 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year and also 0.25% of the turnover of an IPE in the preceding financial year and the regulations thereof were challenged before the Hon'ble High Court of Judicature at Madras.
In this case we will quickly discuss how the Hon'ble High Court addressed this case.