The appeal was filed by Mr. Anuj Bajpai, the Liquidator of Shirt Company (India) Pvt. Ltd. (Corporate Debtor), against an order dated 30.06.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court - IV. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 26.02.2020, and the Respondents filed claims of Rs. 1,24,86,750/-. The Corporate Debtor was directed to be liquidated on 22.12.2021, and the Appellant was appointed as the Liquidator. The Appellant contended that the Respondents' claims should be treated under the waterfall mechanism as per Section 53 of the Insolvency and Bankruptcy Code (IBC).
Mr. Anuj Bajpai, the Liquidator of Shirt Company (India) Pvt. Ltd. (Corporate Debtor), filed an appeal against the order dated 30.06.2023 passed by the National Company Law Tribunal (NCLT), Mumbai. The Corporate Debtor was admitted into CIRP on 26.02.2020. The Employee Provident Fund Organisation (EPFO) filed claims of Rs. 1,24,86,750/-. The Corporate Debtor was directed to be liquidated on 22.12.2021, and the Appellant was appointed as the Liquidator. The liquidator argued that the EPFO claims should be treated under the waterfall mechanism as per Section 53 of the IBC. The Adjudicating Authority partly allowed the application, stating that separate recovery proceedings should not continue, and the attachment should be discharged as the amount was secured in a fixed
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The Corporate Debtor…
The Corporate Debtor…
The appeal was filed by Mr. Anuj Bajpai, the Liquidator of Shirt Company (India) Pvt. Ltd. (Corporate Debtor), against an order dated 30.06.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court - IV. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 26.02.2020, and the Respondents filed claims of Rs. 1,24,86,750/-. The Corporate Debtor was directed to be liquidated on 22.12.2021, and the Appellant was appointed as the Liquidator. The Appellant contended that the Respondents' claims should be treated under the waterfall mechanism as per Section 53 of the Insolvency and Bankruptcy Code (IBC).
Mr. Anuj Bajpai, the Liquidator of Shirt Company (India) Pvt. Ltd. (Corporate Debtor), filed an appeal against the order dated 30.06.2023 passed by the National Company Law Tribunal (NCLT), Mumbai. The Corporate Debtor was admitted into CIRP on 26.02.2020. The Employee Provident Fund Organisation (EPFO) filed claims of Rs. 1,24,86,750/-. The Corporate Debtor was directed to be liquidated on 22.12.2021, and the Appellant was appointed as the Liquidator. The liquidator argued that the EPFO claims should be treated under the waterfall mechanism as per Section 53 of the IBC. The Adjudicating Authority partly allowed the application, stating that separate recovery proceedings should not continue, and the attachment should be discharged as the amount was secured in a fixed
…The Corporate Debtor…
The Corporate Debtor…