The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Indus Fila Limited. SF Dyes, an operational creditor, filed the initial company petition. Employees of Indus Fila, represented by their union, sought to be made a party to the proceedings due to unpaid wages and an alleged illegal lockout. Axis Bank, a financial creditor, filed an application objecting to a clause in the resolution plan that discharged personal guarantees of the promoters, arguing it was against public policy and their right to recover debts.
Indus Fila Limited faced CIRP proceedings initiated by SF Dyes due to a default of Rs. 76,83,803. The company had a manufacturing unit in Nanjangud, Mysuru. The management stopped paying wages to workers since June 2013 and failed to remit EPF and ESIC contributions since 2011. The company also allegedly caused an illegal lockout. Employees, represented by Mysore District General Employees Union, filed a group application for payment of wages and a dispute regarding the lockout. The NCLT appointed an Interim Resolution Professional (IRP) and later a Resolution Professional (RP). Claims were submitted to the RP in August 2018. The RP filed a memo dated 21.03.2019, enclosing a report of a meeting with workers' representatives, the CoC, and the Resolution Applicant. The
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Management of Indus…
Indus Fila Limited…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Indus Fila Limited. SF Dyes, an operational creditor, filed the initial company petition. Employees of Indus Fila, represented by their union, sought to be made a party to the proceedings due to unpaid wages and an alleged illegal lockout. Axis Bank, a financial creditor, filed an application objecting to a clause in the resolution plan that discharged personal guarantees of the promoters, arguing it was against public policy and their right to recover debts.
Indus Fila Limited faced CIRP proceedings initiated by SF Dyes due to a default of Rs. 76,83,803. The company had a manufacturing unit in Nanjangud, Mysuru. The management stopped paying wages to workers since June 2013 and failed to remit EPF and ESIC contributions since 2011. The company also allegedly caused an illegal lockout. Employees, represented by Mysore District General Employees Union, filed a group application for payment of wages and a dispute regarding the lockout. The NCLT appointed an Interim Resolution Professional (IRP) and later a Resolution Professional (RP). Claims were submitted to the RP in August 2018. The RP filed a memo dated 21.03.2019, enclosing a report of a meeting with workers' representatives, the CoC, and the Resolution Applicant. The
…Management of Indus…
Indus Fila Limited…