The case involves an application filed by the workmen of Vikas WSP Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the acceptance and admission of their claims by the Resolution Professional (RP). The workmen, represented by Shri Ranveer Singh, claim a total amount of Rs. 57,43,51,846, excluding the PF claim. The RP had previously rejected the claims, leading to the filing of I.A. No. 759/2022, which was disposed of on 19.04.2023. The applicants allege that the RP has acted arbitrarily and fraudulently in handling their claims and that the resolution plan is designed to benefit the earlier management of the Corporate Debtor. The Corporate Debtor's assets are valued significantly higher than its liabilities, yet the RP is pursuing a
…The applicant, representing 520 workmen of Vikas WSP Limited, filed an application seeking the admission of their claims amounting to Rs. 57,43,51,846, excluding PF. The Corporate Debtor, Vikas WSP Limited, is undergoing Insolvency Resolution Proceedings initiated on 02.02.2022. The Resolution Professional (RP) initially rejected the workmen's claims, leading to the filing of I.A. No. 759/2022, which was disposed of on 19.04.2023. The workmen allege that the RP has acted arbitrarily and fraudulently, favoring the earlier management of the Corporate Debtor. They claim that the Corporate Debtor's assets are significantly higher than its liabilities, making the proposed resolution plan, which undervalues the company, unfair. The RP, however, contends that the claims have
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Mr. Aman Chaudhary, representing the Corporate…
A settlement agreement was negotiated by Mr.…
The case involves an application filed by the workmen of Vikas WSP Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking the acceptance and admission of their claims by the Resolution Professional (RP). The workmen, represented by Shri Ranveer Singh, claim a total amount of Rs. 57,43,51,846, excluding the PF claim. The RP had previously rejected the claims, leading to the filing of I.A. No. 759/2022, which was disposed of on 19.04.2023. The applicants allege that the RP has acted arbitrarily and fraudulently in handling their claims and that the resolution plan is designed to benefit the earlier management of the Corporate Debtor. The Corporate Debtor's assets are valued significantly higher than its liabilities, yet the RP is pursuing a
…The applicant, representing 520 workmen of Vikas WSP Limited, filed an application seeking the admission of their claims amounting to Rs. 57,43,51,846, excluding PF. The Corporate Debtor, Vikas WSP Limited, is undergoing Insolvency Resolution Proceedings initiated on 02.02.2022. The Resolution Professional (RP) initially rejected the workmen's claims, leading to the filing of I.A. No. 759/2022, which was disposed of on 19.04.2023. The workmen allege that the RP has acted arbitrarily and fraudulently, favoring the earlier management of the Corporate Debtor. They claim that the Corporate Debtor's assets are significantly higher than its liabilities, making the proposed resolution plan, which undervalues the company, unfair. The RP, however, contends that the claims have
…Mr. Aman Chaudhary, representing the Corporate…
A settlement agreement was negotiated by Mr.…