The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the liquidator of JVL Agro Industries Ltd. seeking permission to make payments related to the gratuity policy of the Life Insurance Corporation of India (LIC). The Corporate Insolvency Resolution Process (CIRP) had commenced against JVL Agro Industries Ltd. on July 25, 2018, a moratorium was declared, and Supriyo Kumar Choudhury was appointed as the Resolution Professional. As no resolution plan was approved, the Adjudicating Authority ordered liquidation on August 19, 2020. The corporate debtor had a gratuity policy with LIC covering only 92 employees, and the liquidator sought to ensure continued coverage and payment of gratuity to eligible employees, including
…The Corporate Insolvency Resolution Process (CIRP) commenced against JVL Agro Industries Ltd. on July 25, 2018. Supriyo Kumar Choudhury was appointed as the Resolution Professional. No resolution plan was approved by the Committee of Creditors (COC), leading the Adjudicating Authority to order liquidation on August 19, 2020. The corporate debtor had a gratuity policy with the Life Insurance Corporation of India (LIC) covering only 92 employees. The annual gratuity contribution was arranged to be paid by the Resolution Professional till September 2019 during the CIRP period. The next renewal contribution fell due on September 4, 2020, but was not paid. Approximately 403 employees of the corporate debtor are not covered by the existing gratuity policy. Some employees
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Corporate Insolvency…
Moratoriu…
The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by the liquidator of JVL Agro Industries Ltd. seeking permission to make payments related to the gratuity policy of the Life Insurance Corporation of India (LIC). The Corporate Insolvency Resolution Process (CIRP) had commenced against JVL Agro Industries Ltd. on July 25, 2018, a moratorium was declared, and Supriyo Kumar Choudhury was appointed as the Resolution Professional. As no resolution plan was approved, the Adjudicating Authority ordered liquidation on August 19, 2020. The corporate debtor had a gratuity policy with LIC covering only 92 employees, and the liquidator sought to ensure continued coverage and payment of gratuity to eligible employees, including
…The Corporate Insolvency Resolution Process (CIRP) commenced against JVL Agro Industries Ltd. on July 25, 2018. Supriyo Kumar Choudhury was appointed as the Resolution Professional. No resolution plan was approved by the Committee of Creditors (COC), leading the Adjudicating Authority to order liquidation on August 19, 2020. The corporate debtor had a gratuity policy with the Life Insurance Corporation of India (LIC) covering only 92 employees. The annual gratuity contribution was arranged to be paid by the Resolution Professional till September 2019 during the CIRP period. The next renewal contribution fell due on September 4, 2020, but was not paid. Approximately 403 employees of the corporate debtor are not covered by the existing gratuity policy. Some employees
…Corporate Insolvency…
Moratoriu…