The case involves M/s Alloys & Metals (INDIA) V/s. M/s. Hindustan Paper Corporation Ltd. before the National Company Law Tribunal (NCLT), New Delhi Bench. The matter concerns the distribution of salaries to employees under the Consolidated Fund, which was not sanctioned by the cabinet. The employees are agitated due to non-receipt of salaries.
M/s Alloys & Metals (INDIA) initiated a case against M/s Hindustan Paper Corporation Ltd. before the NCLT, New Delhi. The core issue revolves around the non-disbursement of salaries to the employees of Hindustan Paper Corporation Ltd. despite a proposal for distribution under the Consolidated Fund. The budgetary allocation for this purpose was not sanctioned by the cabinet, leading to employee unrest. The Corporate Insolvency Resolution Process (CIRP) has exceeded 270 days, and no resolution plan has been approved. The liquidation value of the corporate debtor's assets is estimated at Rs. 1100 crores, while the admitted claims amount to Rs. 2063 crores. The Committee of Creditors (COC) has recommended the Resolution Professional (RP) as the liquidator. An
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The case involves M/s Alloys & Metals (INDIA) V/s. M/s. Hindustan Paper Corporation Ltd. before the National Company Law Tribunal (NCLT), New Delhi Bench. The matter concerns the distribution of salaries to employees under the Consolidated Fund, which was not sanctioned by the cabinet. The employees are agitated due to non-receipt of salaries.
M/s Alloys & Metals (INDIA) initiated a case against M/s Hindustan Paper Corporation Ltd. before the NCLT, New Delhi. The core issue revolves around the non-disbursement of salaries to the employees of Hindustan Paper Corporation Ltd. despite a proposal for distribution under the Consolidated Fund. The budgetary allocation for this purpose was not sanctioned by the cabinet, leading to employee unrest. The Corporate Insolvency Resolution Process (CIRP) has exceeded 270 days, and no resolution plan has been approved. The liquidation value of the corporate debtor's assets is estimated at Rs. 1100 crores, while the admitted claims amount to Rs. 2063 crores. The Committee of Creditors (COC) has recommended the Resolution Professional (RP) as the liquidator. An
…Hearing before the New…
All application…