The Employees State Insurance Corporation (ESIC) filed an application (IA(IBC)/1264/CHE/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside the rejection of its claim by the Liquidator of Harshavardhan Cotton and Synthetics Private Limited. The Corporate Insolvency Resolution Process (CIRP) against Harshavardhan Cotton and Synthetics Private Limited was initiated on 2018-03-12, and liquidation was ordered on 2018-12-03. The last date for submission of claims was 2019-01-03.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Harshavardhan Cotton and Synthetics Private Limited on 2018-03-12, and liquidation was ordered on 2018-12-03. The last date for submission of claims was 2019-01-03. The Employees State Insurance Corporation (ESIC) submitted its claim on 2021-11-17, which was rejected by the Liquidator due to a delay of over 1000 days. ESIC argued the delay was due to lack of knowledge and the Covid-19 pandemic. The Liquidator had already finalized the list of stakeholders and distributed assets as per Section 53 of the IBC, 2016. The Corporate Debtor was allotted ESI code No.57000477530000101 and had defaulted in payment of ESI contribution. ESIC made a claim of Rs. 11,63,541/- towards contribution, interest, and
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Corporate Insolvency Resolution Process (CIRP)…
Liquidation or…
The Employees State Insurance Corporation (ESIC) filed an application (IA(IBC)/1264/CHE/2021) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside the rejection of its claim by the Liquidator of Harshavardhan Cotton and Synthetics Private Limited. The Corporate Insolvency Resolution Process (CIRP) against Harshavardhan Cotton and Synthetics Private Limited was initiated on 2018-03-12, and liquidation was ordered on 2018-12-03. The last date for submission of claims was 2019-01-03.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Harshavardhan Cotton and Synthetics Private Limited on 2018-03-12, and liquidation was ordered on 2018-12-03. The last date for submission of claims was 2019-01-03. The Employees State Insurance Corporation (ESIC) submitted its claim on 2021-11-17, which was rejected by the Liquidator due to a delay of over 1000 days. ESIC argued the delay was due to lack of knowledge and the Covid-19 pandemic. The Liquidator had already finalized the list of stakeholders and distributed assets as per Section 53 of the IBC, 2016. The Corporate Debtor was allotted ESI code No.57000477530000101 and had defaulted in payment of ESI contribution. ESIC made a claim of Rs. 11,63,541/- towards contribution, interest, and
…Corporate Insolvency Resolution Process (CIRP)…
Liquidation or…