The case involves an Interlocutory Application (IA (IB) No.1058/KB/2020) filed in a Corporate Insolvency Resolution Process (CIRP) case (CP (IB) No.03/KB/2017) concerning Nicco Corporation Limited (in liquidation). The Nicco Employees Union (INTTUC) & others, representing 324 workmen, filed the application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the calculation and disbursement of terminal benefits. A previous Company Application (IB) No.469/KB/2019, filed by the Applicants for securing terminal benefits, was disposed of earlier, directing the Liquidator to calculate the liability as per the waterfall mechanism under section 53 of the Code and section 25FFF of the Industrial Disputes Act, 1947. The applicants alleged that the
…Nicco Corporation Limited is undergoing liquidation. The Nicco Employees Union (INTTUC) & others, representing 324 workmen, filed an application seeking the calculation and disbursement of terminal benefits. The Liquidator quantified the total terminal benefits of the 324 workmen at ₹6,89,75,549 but offered to pay only 17% of the same. The applicants contended that the Liquidator's computation was erroneous and did not include unpaid wages and salaries for the 24 months preceding the liquidation date (18 Oct 2015 to 17 Oct 2017), which amounted to ₹10,30,61,554. The Liquidator had previously been directed to calculate the liability as per the waterfall mechanism under section 53 of the Code and section 25FFF of the Industrial Disputes Act, 1947. The applicants also
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Corporate Insolvency…
Filed by the Applicants for securing the…
The case involves an Interlocutory Application (IA (IB) No.1058/KB/2020) filed in a Corporate Insolvency Resolution Process (CIRP) case (CP (IB) No.03/KB/2017) concerning Nicco Corporation Limited (in liquidation). The Nicco Employees Union (INTTUC) & others, representing 324 workmen, filed the application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the calculation and disbursement of terminal benefits. A previous Company Application (IB) No.469/KB/2019, filed by the Applicants for securing terminal benefits, was disposed of earlier, directing the Liquidator to calculate the liability as per the waterfall mechanism under section 53 of the Code and section 25FFF of the Industrial Disputes Act, 1947. The applicants alleged that the
…Nicco Corporation Limited is undergoing liquidation. The Nicco Employees Union (INTTUC) & others, representing 324 workmen, filed an application seeking the calculation and disbursement of terminal benefits. The Liquidator quantified the total terminal benefits of the 324 workmen at ₹6,89,75,549 but offered to pay only 17% of the same. The applicants contended that the Liquidator's computation was erroneous and did not include unpaid wages and salaries for the 24 months preceding the liquidation date (18 Oct 2015 to 17 Oct 2017), which amounted to ₹10,30,61,554. The Liquidator had previously been directed to calculate the liability as per the waterfall mechanism under section 53 of the Code and section 25FFF of the Industrial Disputes Act, 1947. The applicants also
…Corporate Insolvency…
Filed by the Applicants for securing the…