# In the matter of Consortium led by Syonira Invecast Pvt. Ltd. vs. Employees' Provident Fund Organisation & Ors.

> NCLAT judgment dated 2026-01-09. Citation: TCN-2026-NCLAT-00024. The case involves two appeals arising from the same order dated 09.10.2024 passed by the…

- **Court:** NCLAT
- **Order date:** 9 Jan 2026
- **Citation:** TCN-2026-NCLAT-00024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/consortium-led-by-syonira-invecast-pvt-ltd-vs-employees-provident-fund-organisat-c73edc44

## Summary

### Background

The case involves two appeals arising from the same order dated 09.10.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-III) in IA No. 1745 of 2022 in C.P. No. 281/MB/C-III/2019. The first appeal, Comp. App. (AT) (Ins.) No. 2319 of 2024, was preferred by the Consortium led by Syonira Invecast Pvt. Ltd., the Successful Resolution Applicant (SRA), and the second appeal, Comp. App. (AT) (Ins.) No. 141 of 2025, was filed by the Employees' Provident Fund Organisation (EPFO). Both parties are aggrieved by the impugned order.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of M/S Goa Invescast Ltd./Corporate Debtor was initiated by Steel and Scrap Pvt. Ltd.

Vinit Gangawal was appointed as the Interim Resolution Professional, and later, Mr. Anil Seetaram Vaidya was appointed as Resolution Professional (RP) on 09.10.2019.

EPFO submitted its claim in Form B dated 24.09.2019, claiming Rs. 17.90 lakhs.

In the 5th CoC Meeting on 02.03.2020, the RP informed that the PF liability was Rs. 63.15 lakhs, and the Resolution Plan was revised accordingly.

The Resolution Plan of Syonira Invecast Pvt. Ltd. was approved unanimously by the CoC on 20.11.2020 and subsequently approved by the Adjudicating Authority on 09.11.2021.

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## Issues and analysis

### Issue 1: Whether assessment proceedings can be continued by the EPFO after initiation of moratorium under …

**Ratio:** No assessment proceedings can be continued by the EPFO after initiation of moratorium

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**Reasoning:** The language of Section 14 (1) (a) clearly indicates a bar against initiation of

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**Interpretation:** The moratorium encompasses a very sweeping definition and bars both initiation

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**Application:** In this case, the assessment proceedings under Sections 7A, 7Q and 14B, which

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## Parties

- **Judges:** Indevar P…; Mohd. Faiz Alam…
- **Respondents:** M/S Goa Invescast…; Employees…; +2 more
- **Other parties:** Vinit Gan…
- **Advocates:** Anjali S…; Thanglu…; +5 more

## Timeline

- **2019-07-04 — CIRP Init…**: CIRP of Goa Invescast Ltd.…
- **2019-07-10 — Invitation of…**: IRP invited claims from creditors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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