The case involves multiple appeals challenging an order passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench, Kerala) on January 29, 2021. This order approved a Resolution Plan submitted by M/s KINFRA for Hindustan Newsprint Limited (HNL), the Corporate Debtor. The core of the dispute revolves around the treatment of Provident Fund (PF) and Gratuity Claims of the employees and workmen of HNL within the approved Resolution Plan. The appellants, who are employees and workmen, contend that the Resolution Plan contravenes Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016 (IBC) and other relevant laws by not providing for the full payment of their PF and Gratuity dues, including interest and penal damages. They argue that these
…Hindustan Newsprint Limited (HNL) is a wholly-owned subsidiary of Hindustan Paper Corporation Limited (HPCL), a Public Sector Undertaking under the Ministry of Heavy Industries and Heavy Public Enterprises, Government of India. HNL was established following an agreement between the Government of Kerala and HPCL on October 7, 1974, for the 'Kerala News Print Project Limited' (KNPL). The Government of Kerala acquired 282.86 hectares of land for HPCL and also leased 3035.15 acres to HNL for captive plantation, as per an agreement dated January 29, 1979.
…HNL was established pursuant to an agreement…
Government of Kerala granted a lease of…
The case involves multiple appeals challenging an order passed by the Adjudicating Authority (National Company Law Tribunal, Kochi Bench, Kerala) on January 29, 2021. This order approved a Resolution Plan submitted by M/s KINFRA for Hindustan Newsprint Limited (HNL), the Corporate Debtor. The core of the dispute revolves around the treatment of Provident Fund (PF) and Gratuity Claims of the employees and workmen of HNL within the approved Resolution Plan. The appellants, who are employees and workmen, contend that the Resolution Plan contravenes Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016 (IBC) and other relevant laws by not providing for the full payment of their PF and Gratuity dues, including interest and penal damages. They argue that these
…Hindustan Newsprint Limited (HNL) is a wholly-owned subsidiary of Hindustan Paper Corporation Limited (HPCL), a Public Sector Undertaking under the Ministry of Heavy Industries and Heavy Public Enterprises, Government of India. HNL was established following an agreement between the Government of Kerala and HPCL on October 7, 1974, for the 'Kerala News Print Project Limited' (KNPL). The Government of Kerala acquired 282.86 hectares of land for HPCL and also leased 3035.15 acres to HNL for captive plantation, as per an agreement dated January 29, 1979.
…HNL was established pursuant to an agreement…
Government of Kerala granted a lease of…