The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) against orders dated 19.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench– II). The Adjudicating Authority admitted I.A.s claiming gratuity dues to ex-employees. The new management of the Corporate Debtor, Calyx Chemicals and Pharmaceuticals Private Limited, filed these appeals, arguing that the approved resolution plan did not provide for gratuity payments to employees not on the payroll as of 06.02.2018.
Calyx Chemicals and Pharmaceuticals Private Limited underwent Corporate Insolvency Resolution Process (CIRP) and was admitted on 06.02.2018. A resolution plan submitted by the Successful Resolution Applicant (SRA) was approved by the Adjudicating Authority with 77.8% voting share on 16.04.2019. The new management, Calyx Chemicals, took over the management and ownership of the Corporate Debtor. The resolution plan was challenged but dismissed by the NCLAT on 30.08.2019, and the Supreme Court affirmed the NCLAT's order on 20.02.2020. Some ex-employees, including Ravindra Athavale and Dnyanaba Namdeo Karande, filed IAs seeking payment of gratuity. The Adjudicating Authority allowed these IAs on 19.01.2024, leading to the present appeals. The key fact is that the approved
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Corporate D…
Resolution plan…
The case involves two appeals filed under Section 61 of the Insolvency and Bankruptcy Code 2016 (IBC) against orders dated 19.01.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench– II). The Adjudicating Authority admitted I.A.s claiming gratuity dues to ex-employees. The new management of the Corporate Debtor, Calyx Chemicals and Pharmaceuticals Private Limited, filed these appeals, arguing that the approved resolution plan did not provide for gratuity payments to employees not on the payroll as of 06.02.2018.
Calyx Chemicals and Pharmaceuticals Private Limited underwent Corporate Insolvency Resolution Process (CIRP) and was admitted on 06.02.2018. A resolution plan submitted by the Successful Resolution Applicant (SRA) was approved by the Adjudicating Authority with 77.8% voting share on 16.04.2019. The new management, Calyx Chemicals, took over the management and ownership of the Corporate Debtor. The resolution plan was challenged but dismissed by the NCLAT on 30.08.2019, and the Supreme Court affirmed the NCLAT's order on 20.02.2020. Some ex-employees, including Ravindra Athavale and Dnyanaba Namdeo Karande, filed IAs seeking payment of gratuity. The Adjudicating Authority allowed these IAs on 19.01.2024, leading to the present appeals. The key fact is that the approved
…Corporate D…
Resolution plan…