The case involves a resolution plan for M/s. Hytro Power Corporation Ltd., the Corporate Debtor (CD), which was initiated following CIRP proceedings under Section 9 of the IBC against Grid Infratech Power Corporation (Operational Creditor) due to debt and default. The Resolution Professional (RP) submitted a resolution plan approved by the Committee of Creditors (CoC). The Employees' Provident Fund Organisation (EPFO) filed a claim and objected to the resolution plan, arguing it did not adequately address their dues. The EPFO's claim was based on outstanding dues under the EPF & MP Act, 1952. The RP argued that the Corporate Debtor lacked funds to pay the EPFO and that the financial creditors' claim was substantial. The EPFO's objection was based on the resolution
…Grid Infratech Power Corporation initiated CIRP against Hytro Power Corporation Ltd. under Section 9 of IBC due to debt and default. An admission order was passed on 2019-06-12, and an Interim Resolution Professional was appointed. A public announcement was made on 2019-06-15 regarding the initiation of CIRP. The CoC was constituted on 2019-07-05 with seven members. The Employees Provident Fund Organisation (EPFO) also made a claim. The Resolution Professional (RP) submitted a resolution plan based on the 24th CoC meeting dated 2021-09-06. The EPFO objected to the resolution plan, arguing that it did not satisfy the requirements of Section 30(2)(e) of the Code. The EPFO claimed ₹162,19,53,945, including ₹40,57,14,551 under Section 7A of the EPF & MP Act, 1952, and
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The case involves a resolution plan for M/s. Hytro Power Corporation Ltd., the Corporate Debtor (CD), which was initiated following CIRP proceedings under Section 9 of the IBC against Grid Infratech Power Corporation (Operational Creditor) due to debt and default. The Resolution Professional (RP) submitted a resolution plan approved by the Committee of Creditors (CoC). The Employees' Provident Fund Organisation (EPFO) filed a claim and objected to the resolution plan, arguing it did not adequately address their dues. The EPFO's claim was based on outstanding dues under the EPF & MP Act, 1952. The RP argued that the Corporate Debtor lacked funds to pay the EPFO and that the financial creditors' claim was substantial. The EPFO's objection was based on the resolution
…Grid Infratech Power Corporation initiated CIRP against Hytro Power Corporation Ltd. under Section 9 of IBC due to debt and default. An admission order was passed on 2019-06-12, and an Interim Resolution Professional was appointed. A public announcement was made on 2019-06-15 regarding the initiation of CIRP. The CoC was constituted on 2019-07-05 with seven members. The Employees Provident Fund Organisation (EPFO) also made a claim. The Resolution Professional (RP) submitted a resolution plan based on the 24th CoC meeting dated 2021-09-06. The EPFO objected to the resolution plan, arguing that it did not satisfy the requirements of Section 30(2)(e) of the Code. The EPFO claimed ₹162,19,53,945, including ₹40,57,14,551 under Section 7A of the EPF & MP Act, 1952, and
…Admission order passed…
Public announcement made regarding the…