The determination of what constitutes legitimate “Insolvency Resolution Process Costs” under the Insolvency and Bankruptcy Code, 2016 remains a fertile ground for judicial scrutiny, particularly where informal professional engagements during the Corporate Insolvency Resolution Process are sought to be retrospectively clothed with statutory priority. A significant ruling on this subject was delivered by the National Company Law Tribunal, Kolkata Bench, in Prateek S Jain & Associates v. Pratim Bayal and Anr., I.A. No. 69/KB/2026 in C.P. (IB) No. 1377/KB/2020, decided on 12 June 2026 by a Division Bench comprising Ms. Bidisha Banerjee, Judicial Member, and Commodore Siddharth Mishra (Retd.), Technical Member. The Tribunal dismissed the…
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