The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 02.04.2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi. The appellant, an ex-employee of the Respondent No.3, claimed outstanding dues of Rs. 12,49,702/-. The appellant's grievance was that the Resolution Plan did not adequately consider the full Provident Fund (PF) dues and gratuity amounts owed to employees. The CIRP was initiated against Respondent No.3 under Section 9 of the Code, following a demand notice issued by an employee. The Resolution Plan was presented in the 5th CoC meeting on 18th April, 2018, but initially could not be approved. The revised plan was approved in the 9th CoC meeting on 21st July, 2018.
Sikander Singh Jamuwal, an ex-employee of Applied Electromagnetics Pvt. Ltd. (Respondent No.3), filed an appeal against the approval of a Resolution Plan for the Corporate Debtor (Respondent No.3). The appellant claimed outstanding dues of Rs. 12,49,702/-. The CIRP was initiated against Respondent No.3 under Section 9 of the Insolvency and Bankruptcy Code, 2016, following a demand notice issued by another employee, Nitin Gupta. The Resolution Plan, submitted by S.M.Milkose (Respondent No.2), was approved by the Adjudicating Authority on 02.04.2019. The appellant argued that the Resolution Plan did not adequately consider the full Provident Fund (PF) dues (Rs. 1,35,06,391) and gratuity amounts owed to employees, provisioning only Rs.78 lacs for PF. The appellant also
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The Adjudicating Authority initiated the CIRP…
Mr. Naveen Kumar Jain was appointed as the…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated 02.04.2019 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi. The appellant, an ex-employee of the Respondent No.3, claimed outstanding dues of Rs. 12,49,702/-. The appellant's grievance was that the Resolution Plan did not adequately consider the full Provident Fund (PF) dues and gratuity amounts owed to employees. The CIRP was initiated against Respondent No.3 under Section 9 of the Code, following a demand notice issued by an employee. The Resolution Plan was presented in the 5th CoC meeting on 18th April, 2018, but initially could not be approved. The revised plan was approved in the 9th CoC meeting on 21st July, 2018.
Sikander Singh Jamuwal, an ex-employee of Applied Electromagnetics Pvt. Ltd. (Respondent No.3), filed an appeal against the approval of a Resolution Plan for the Corporate Debtor (Respondent No.3). The appellant claimed outstanding dues of Rs. 12,49,702/-. The CIRP was initiated against Respondent No.3 under Section 9 of the Insolvency and Bankruptcy Code, 2016, following a demand notice issued by another employee, Nitin Gupta. The Resolution Plan, submitted by S.M.Milkose (Respondent No.2), was approved by the Adjudicating Authority on 02.04.2019. The appellant argued that the Resolution Plan did not adequately consider the full Provident Fund (PF) dues (Rs. 1,35,06,391) and gratuity amounts owed to employees, provisioning only Rs.78 lacs for PF. The appellant also
…The Adjudicating Authority initiated the CIRP…
Mr. Naveen Kumar Jain was appointed as the…