The appeal was filed under Section 61(3) of the Insolvency and Bankruptcy Code (IBC) challenging the order of the National Company Law Tribunal (NCLT), Kolkata Bench, which rejected the appellant's claim to be treated on par with other Financial Creditors and to be eligible for distribution of claims as per the Resolution Plan. The corporate insolvency resolution process (CIRP) was initiated following an application by an ex-employee of Fort Gloster Industries Limited (Corporate Debtor) due to default in payment of gratuity. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), later replaced by a Resolution Professional (RP). The RP invited Expression of Interests (EOIs) and received resolution plans from multiple
…West Coast Paper Mills Ltd. (Appellant) filed an appeal challenging the order of the National Company Law Tribunal (NCLT), Kolkata Bench, which approved a resolution plan that did not provide for equal pro rata distribution to the Appellant. The Corporate Debtor, Fort Gloster Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) after an ex-employee filed an application due to unpaid gratuity. The Appellant claimed to have paid Rs. 7,15,41,918 on behalf of the Corporate Debtor to KDCC Bank Ltd. due to the Corporate Debtor's default. The Appellant filed a claim of Rs. 89,20,02,003.54, including principal and interest, after the initiation of CIRP. The Appellant argued that it should be treated on par with other Financial Creditors. The Resolution
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The Adjudicating Authority (National Company…
Bijay Murmuria replaced Manish Jain as the…
The appeal was filed under Section 61(3) of the Insolvency and Bankruptcy Code (IBC) challenging the order of the National Company Law Tribunal (NCLT), Kolkata Bench, which rejected the appellant's claim to be treated on par with other Financial Creditors and to be eligible for distribution of claims as per the Resolution Plan. The corporate insolvency resolution process (CIRP) was initiated following an application by an ex-employee of Fort Gloster Industries Limited (Corporate Debtor) due to default in payment of gratuity. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), later replaced by a Resolution Professional (RP). The RP invited Expression of Interests (EOIs) and received resolution plans from multiple
…West Coast Paper Mills Ltd. (Appellant) filed an appeal challenging the order of the National Company Law Tribunal (NCLT), Kolkata Bench, which approved a resolution plan that did not provide for equal pro rata distribution to the Appellant. The Corporate Debtor, Fort Gloster Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) after an ex-employee filed an application due to unpaid gratuity. The Appellant claimed to have paid Rs. 7,15,41,918 on behalf of the Corporate Debtor to KDCC Bank Ltd. due to the Corporate Debtor's default. The Appellant filed a claim of Rs. 89,20,02,003.54, including principal and interest, after the initiation of CIRP. The Appellant argued that it should be treated on par with other Financial Creditors. The Resolution
…The Adjudicating Authority (National Company…
Bijay Murmuria replaced Manish Jain as the…