The Employees' Provident Fund Organisation (EPFO) filed an application against the liquidator of Kanakadhara Ventures Private Limited, seeking to set aside the liquidator's rejection of their claim for provident fund dues of the workers. The EPFO argued that provident fund dues should be prioritized over other debts and not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator contended that there was no separate fund created by the Corporate Debtor towards EPF dues and hence the EPFO claim will fall under section 53(1)(e).
Employees' Provident Fund Organisation (EPFO) filed an application against Kanakadhara Ventures Private Limited, which is undergoing liquidation. The EPFO sought to set aside the liquidator's rejection of their claim for provident fund dues of the workers. The EPFO argued that provident fund dues should be prioritized over other debts and not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator rejected the claim, stating that there was no separate fund created by the Corporate Debtor towards EPF dues and hence the EPFO claim will fall under section 53(1)(e). The EPFO claimed Rs. 4,71,19,228.00, including short remittance of PF and other charges, damages, and interest. The liquidator admitted the PF
…Sign in to view the parties.
The liquidator sent an email providing…
The applicant wrote a…
The Employees' Provident Fund Organisation (EPFO) filed an application against the liquidator of Kanakadhara Ventures Private Limited, seeking to set aside the liquidator's rejection of their claim for provident fund dues of the workers. The EPFO argued that provident fund dues should be prioritized over other debts and not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator contended that there was no separate fund created by the Corporate Debtor towards EPF dues and hence the EPFO claim will fall under section 53(1)(e).
Employees' Provident Fund Organisation (EPFO) filed an application against Kanakadhara Ventures Private Limited, which is undergoing liquidation. The EPFO sought to set aside the liquidator's rejection of their claim for provident fund dues of the workers. The EPFO argued that provident fund dues should be prioritized over other debts and not be subject to the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code (IBC), 2016. The liquidator rejected the claim, stating that there was no separate fund created by the Corporate Debtor towards EPF dues and hence the EPFO claim will fall under section 53(1)(e). The EPFO claimed Rs. 4,71,19,228.00, including short remittance of PF and other charges, damages, and interest. The liquidator admitted the PF
…The liquidator sent an email providing…
The applicant wrote a…