This case involves an appeal against an order dated 04 August 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Hyderabad Bench, Hyderabad in Company Petition (IB) No. 52/9/HDB/2017. The appeal was filed by the Resolution Professional (RP) of Sirpur Paper Mills Ltd against the order directing the RP to make payment of salary to Respondent No. 1, Mr. Veda Kumar Nimbagal. The core issue revolves around the claim for salary dues by Mr. Nimbagal, an ex-director of the Corporate Debtor, Sirpur Paper Mills Ltd, and whether the Adjudicating Authority was correct in directing the RP to make the payment despite the approval of the Resolution Plan.
Mr. Veda Kumar Nimbagal, Respondent No. 1 and an ex-director of Sirpur Paper Mills Ltd (Corporate Debtor), filed IA No. 208 of 2019 seeking the release of his claim of ₹ 13,50,000/- towards salary. The Resolution Professional (Appellant) partially admitted the claim to the tune of ₹ 5,40,000/-. The Adjudicating Authority, by order dated 19 July 2018, dismissed IA No. 208 of 2018 and upheld the rejection of the claim by the RP. The Corporate Debtor's Insolvency Resolution Process was completed on 15 June 2018, and the Resolution Plan was approved on 19 July 2020. Respondent No. 1 submitted his claim with the Appellant on 28 February 2018, which was 143 days beyond the deadline. The Adjudicating Authority, in a previous order, had stated that Mr. Nimbagal was entitled to
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Corporate Insolvency…
Respondent No. 1 submitted his claim with the…
This case involves an appeal against an order dated 04 August 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Hyderabad Bench, Hyderabad in Company Petition (IB) No. 52/9/HDB/2017. The appeal was filed by the Resolution Professional (RP) of Sirpur Paper Mills Ltd against the order directing the RP to make payment of salary to Respondent No. 1, Mr. Veda Kumar Nimbagal. The core issue revolves around the claim for salary dues by Mr. Nimbagal, an ex-director of the Corporate Debtor, Sirpur Paper Mills Ltd, and whether the Adjudicating Authority was correct in directing the RP to make the payment despite the approval of the Resolution Plan.
Mr. Veda Kumar Nimbagal, Respondent No. 1 and an ex-director of Sirpur Paper Mills Ltd (Corporate Debtor), filed IA No. 208 of 2019 seeking the release of his claim of ₹ 13,50,000/- towards salary. The Resolution Professional (Appellant) partially admitted the claim to the tune of ₹ 5,40,000/-. The Adjudicating Authority, by order dated 19 July 2018, dismissed IA No. 208 of 2018 and upheld the rejection of the claim by the RP. The Corporate Debtor's Insolvency Resolution Process was completed on 15 June 2018, and the Resolution Plan was approved on 19 July 2020. Respondent No. 1 submitted his claim with the Appellant on 28 February 2018, which was 143 days beyond the deadline. The Adjudicating Authority, in a previous order, had stated that Mr. Nimbagal was entitled to
…Corporate Insolvency…
Respondent No. 1 submitted his claim with the…