NCLT Orders Lanco Liquidator Refund Rs 7.48 Crore Excess Fees

NCLT Hyderabad allowed IDBI Bank's application seeking refund of Rs 7.48 crore excess fees paid to Deloitte during Lanco Infratech's liquidation process.
The tribunal found liquidator Savan Godiawala improperly paid Deloitte, where he was partner, for work overlapping his statutory duties under IBC regulations.
IBBI Disciplinary Committee had previously found contraventions in fee structure and conflict of interest, suspending Godiawala's registration for two years.
The order directs Godiawala and Deloitte to jointly refund Rs 7.48 crore to Lanco's liquidation estate within six weeks with 9% interest for default.