This appeal challenges the order dated 02.05.2024 passed by the National Company Law Tribunal, Mumbai Bench, Court-III in IA No.5826/2023, filed by the Resolution Professional (RP) for approval of the Resolution Plan. The Adjudicating Authority allowed the application and approved the Resolution Plan, leading to this appeal. The Corporate Insolvency Resolution Process (CIRP) against Adico Forge Pvt. Ltd. commenced on 23.06.2023, following an application by a Financial Creditor. The Appellant, Audico Forge Kamgar Sangathana, filed their claim with the Interim Resolution Professional (IRP). A Resolution Plan was submitted by Trinity India Forgetech Pvt. Ltd., which was approved by the CoC with 92.87% vote shares.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Adico Forge Pvt. Ltd. on 2023-06-23 following an application by a Financial Creditor. Audico Forge Kamgar Sangathana, representing the workers, filed a claim of Rs.8,19,47,918/- with the Interim Resolution Professional (IRP), which was admitted. Trinity India Forgetech Pvt. Ltd. submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) with 92.87% vote share. The Appellant challenged the approval of the Resolution Plan, arguing that it did not adequately protect the rights of the workmen, particularly concerning continued employment and retiral benefits. The Appellant also contended that the Resolution Plan needed to fully address provident fund and gratuity payments. The
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Corporate Insolvency Resolution Process (CIRP)…
The Appellant – Union…
This appeal challenges the order dated 02.05.2024 passed by the National Company Law Tribunal, Mumbai Bench, Court-III in IA No.5826/2023, filed by the Resolution Professional (RP) for approval of the Resolution Plan. The Adjudicating Authority allowed the application and approved the Resolution Plan, leading to this appeal. The Corporate Insolvency Resolution Process (CIRP) against Adico Forge Pvt. Ltd. commenced on 23.06.2023, following an application by a Financial Creditor. The Appellant, Audico Forge Kamgar Sangathana, filed their claim with the Interim Resolution Professional (IRP). A Resolution Plan was submitted by Trinity India Forgetech Pvt. Ltd., which was approved by the CoC with 92.87% vote shares.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Adico Forge Pvt. Ltd. on 2023-06-23 following an application by a Financial Creditor. Audico Forge Kamgar Sangathana, representing the workers, filed a claim of Rs.8,19,47,918/- with the Interim Resolution Professional (IRP), which was admitted. Trinity India Forgetech Pvt. Ltd. submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) with 92.87% vote share. The Appellant challenged the approval of the Resolution Plan, arguing that it did not adequately protect the rights of the workmen, particularly concerning continued employment and retiral benefits. The Appellant also contended that the Resolution Plan needed to fully address provident fund and gratuity payments. The
…Corporate Insolvency Resolution Process (CIRP)…
The Appellant – Union…