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. Subsequently, as no resolution plan was approved, the Adjudicating Authority ordered liquidation on August 19, 2020.
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 to a liquidation order dated August 19, 2020. The corporate debtor had a gratuity policy with LIC covering only 92 employees since 2017. The annual gratuity contribution was paid until September 2019 during the CIRP. The next renewal contribution was due on September 4, 2020, but it was not paid. Approximately 403 employees were not covered by the existing gratuity policy, and some employees superannuated or resigned after the CIRP's start. The liquidator made a public announcement on August 24, 2020, inviting
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Corporate Insolvency…
Moratorium was…
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. Subsequently, as no resolution plan was approved, the Adjudicating Authority ordered liquidation on August 19, 2020.
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 to a liquidation order dated August 19, 2020. The corporate debtor had a gratuity policy with LIC covering only 92 employees since 2017. The annual gratuity contribution was paid until September 2019 during the CIRP. The next renewal contribution was due on September 4, 2020, but it was not paid. Approximately 403 employees were not covered by the existing gratuity policy, and some employees superannuated or resigned after the CIRP's start. The liquidator made a public announcement on August 24, 2020, inviting
…Corporate Insolvency…
Moratorium was…