The case arises from an order dated 29/02/2021 passed by the National Company Law Tribunal (NCLT), Kochi Bench, approving an application preferred by the Resolution Professional (RP). Subsequent to the approval of the Resolution Plan on 29/01/2021, the RP informed the Appellant via email on 09/02/2021 that their claim was admitted only to the extent of 35.13%. The Appellant contends that the RP classified them as 'Operational Creditors' without proper notice, based on a ratio established by the Tribunal in a previous case. The Appellant's initial claim was for Rs. 23,74,92,674, later revised to Rs. 30,46,31,880, but the RP only admitted 35.13% of the total claim.
The Central Board of Trustees, representing the Employees' Provident Fund Organisation (EPFO), filed a claim in the corporate insolvency resolution process (CIRP) of Hindustan Newsprint Limited. Initially, the claim was for Rs. 23,74,92,674, later revised to Rs. 30,46,31,880. The Resolution Professional (RP) admitted only 35.13% of the claim, classifying the EPFO as an Operational Creditor. The EPFO argued that their dues should be prioritized under Section 11 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and should not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC). The NCLT approved the Resolution Plan, leading the EPFO to appeal to the NCLAT. The relevance of these facts lies in
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The case arises from an order dated 29/02/2021 passed by the National Company Law Tribunal (NCLT), Kochi Bench, approving an application preferred by the Resolution Professional (RP). Subsequent to the approval of the Resolution Plan on 29/01/2021, the RP informed the Appellant via email on 09/02/2021 that their claim was admitted only to the extent of 35.13%. The Appellant contends that the RP classified them as 'Operational Creditors' without proper notice, based on a ratio established by the Tribunal in a previous case. The Appellant's initial claim was for Rs. 23,74,92,674, later revised to Rs. 30,46,31,880, but the RP only admitted 35.13% of the total claim.
The Central Board of Trustees, representing the Employees' Provident Fund Organisation (EPFO), filed a claim in the corporate insolvency resolution process (CIRP) of Hindustan Newsprint Limited. Initially, the claim was for Rs. 23,74,92,674, later revised to Rs. 30,46,31,880. The Resolution Professional (RP) admitted only 35.13% of the claim, classifying the EPFO as an Operational Creditor. The EPFO argued that their dues should be prioritized under Section 11 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and should not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC). The NCLT approved the Resolution Plan, leading the EPFO to appeal to the NCLAT. The relevance of these facts lies in
…Enactment of the…
Order for damages under Section 14B of…