# In the matter of Munesh Kumar Goel CP No.1934-MB-IV-2019

> NCLT judgment dated 2023-04-12. Citation: TCN-2023-NCLT-03828. This is an appeal filed by Mr. Munesh Kumar Goel under Section 42 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Apr 2023
- **Citation:** TCN-2023-NCLT-03828
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/munesh-kumar-goel-cp-no1934-mb-iv-2019-6e6c232f

## Summary

### Background

This is an appeal filed by Mr. Munesh Kumar Goel under Section 42 of the Insolvency and Bankruptcy Code, 2016, against the liquidator's decision to reject his claim for payment of Rs. 74,68,468 in the voluntary liquidation process of M/s OTC Exchange of India. The appellant sought a declaration that the proceedings of the creditors' meeting held on 07.03.2019 were void due to lack of notice. The appellant claimed benefits for ex-gratia under the Compulsory Retirement Scheme of the Corporate Person, including 3-month notice pay, interest on ex-gratia, and delayed payments on gratuity, asserting entitlement to 22 months' gross pay under the scheme and a three-month notice period. The liquidator informed the appellant via email on 13.05.2019 that the Board, in its meeting

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## Facts

Mr. Munesh Kumar Goel filed an appeal under Section 42 of the Insolvency and Bankruptcy Code, 2016, against the liquidator's decision to reject his claim for Rs. 74,68,468 in the voluntary liquidation of M/s OTC Exchange of India. The appellant sought a declaration that the creditors' meeting held on 07.03.2019 was void due to lack of notice. The appellant claimed ex-gratia benefits under the Compulsory Retirement Scheme, including 3-month notice pay, interest on ex-gratia, and delayed gratuity payments, asserting entitlement to 22 months' gross pay and a three-month notice period. The liquidator informed the appellant on 13.05.2019 that the Board, in its meeting on 29.08.2016, decided that Mr. Goel would be considered for the Compulsory Retirement Scheme until he was

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## Issues and analysis

### Issue 1: Whether the liquidator's decision to reject the appellant's claim for payment of Rs. 74,68,468 …

**Ratio:** The liquidator's decision is justified if the appellant has already been paid the amount

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**Reasoning:** The NCLT found that the appellant had already been paid the amount payable under the

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**Interpretation:** The decision hinges on the interpretation of the Compulsory Retirement Scheme

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**Application:** The NCLT applied the ratio by examining the facts and determining that the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Munesh Kuma…
- **Respondents:** OTC Exchange of…; Rakesh Chat…

## Timeline

- **2016-08-29 — Board Me…**: The Board decided that Mr. Munesh Kumar Goel would be considered for Compulsory…
- **2018-06-20 — Termination of…**: Termination of Mr. Munesh Kumar Goel's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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