The case involves an appeal against an order passed by the Adjudicating Authority/National Company Law Tribunal, Chennai Bench, which approved a Resolution Plan that waived off a major portion of the Provident Fund dues owed by the Corporate Debtor, GVR Infra Projects Limited. The Regional Provident Commissioner, representing the Employees Provident Fund Organisation, filed the appeal, arguing that the waiver violates Section 11 of the Employees Provident Fund Act (EPF Act) and Section 36(4)(a)(iii) and Section 30(2)(e) of the Insolvency and Bankruptcy Code (IBC) 2016. The Corporate Debtor had defaulted in payment of dues, including employees' share of contributions, since April 2014. The CIRP was initiated against the Corporate Debtor on October 15, 2018.
The Corporate Debtor, GVR Infra Projects Limited, defaulted in payment of dues/damages/interest, including employees' share of contributions, since April 2014. The total EPF dues amounted to ₹ 2,84,69,797. The Adjudicating Authority initiated CIRP against the Corporate Debtor on October 15, 2018. The Appellant, Regional Provident Commissioner, submitted its claim in Form 'F' on December 31, 2018, and later in Form 'B' as suggested by the IRP. The RP admitted a claim of ₹ 1,95,01,301 for the period from April 2014 to October 2017. The CoC approved the Resolution Plan on November 27, 2019. The Adjudicating Authority approved the Resolution Plan on July 20, 2020. The Appellant raised a claim of ₹ 2,84,69,797 in the appeal, which is higher than the amount claimed before
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Corporate Debtor defaulted in payment of…
Adjudicating Authority…
The case involves an appeal against an order passed by the Adjudicating Authority/National Company Law Tribunal, Chennai Bench, which approved a Resolution Plan that waived off a major portion of the Provident Fund dues owed by the Corporate Debtor, GVR Infra Projects Limited. The Regional Provident Commissioner, representing the Employees Provident Fund Organisation, filed the appeal, arguing that the waiver violates Section 11 of the Employees Provident Fund Act (EPF Act) and Section 36(4)(a)(iii) and Section 30(2)(e) of the Insolvency and Bankruptcy Code (IBC) 2016. The Corporate Debtor had defaulted in payment of dues, including employees' share of contributions, since April 2014. The CIRP was initiated against the Corporate Debtor on October 15, 2018.
The Corporate Debtor, GVR Infra Projects Limited, defaulted in payment of dues/damages/interest, including employees' share of contributions, since April 2014. The total EPF dues amounted to ₹ 2,84,69,797. The Adjudicating Authority initiated CIRP against the Corporate Debtor on October 15, 2018. The Appellant, Regional Provident Commissioner, submitted its claim in Form 'F' on December 31, 2018, and later in Form 'B' as suggested by the IRP. The RP admitted a claim of ₹ 1,95,01,301 for the period from April 2014 to October 2017. The CoC approved the Resolution Plan on November 27, 2019. The Adjudicating Authority approved the Resolution Plan on July 20, 2020. The Appellant raised a claim of ₹ 2,84,69,797 in the appeal, which is higher than the amount claimed before
…Corporate Debtor defaulted in payment of…
Adjudicating Authority…