The Regional Provident Fund Commissioner-II filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking priority for their claim of Rs. 29,68,97,991/- related to EPF & MP Act, 1952 dues from Furnace Fabrica (India) Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The applicant contended that EPF dues are statutory dues and should be prioritized over other debts.
The Regional Provident Fund Commissioner-II filed a claim of Rs. 29,68,97,991/- with the Resolution Professional (RP) of Furnace Fabrica (India) Limited.
The claim included dues under Section 14B and 7Q of the EPF & MP Act, 1952, and was filed belatedly on 15.02.2024.
The RP requested the applicant to file a revised claim, citing an improper form and reliance on a report with incomplete/unverified data.
The applicant argued that EPF dues are not debts but third-party assets and should be prioritized.
The RP considered the applicant as an operational creditor and requested a revised claim in Form B.
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 01.11.2023.
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Application under Section 7 of IBC, 2016 was…
RP made public…
The Regional Provident Fund Commissioner-II filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking priority for their claim of Rs. 29,68,97,991/- related to EPF & MP Act, 1952 dues from Furnace Fabrica (India) Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The applicant contended that EPF dues are statutory dues and should be prioritized over other debts.
The Regional Provident Fund Commissioner-II filed a claim of Rs. 29,68,97,991/- with the Resolution Professional (RP) of Furnace Fabrica (India) Limited.
The claim included dues under Section 14B and 7Q of the EPF & MP Act, 1952, and was filed belatedly on 15.02.2024.
The RP requested the applicant to file a revised claim, citing an improper form and reliance on a report with incomplete/unverified data.
The applicant argued that EPF dues are not debts but third-party assets and should be prioritized.
The RP considered the applicant as an operational creditor and requested a revised claim in Form B.
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 01.11.2023.
…Application under Section 7 of IBC, 2016 was…
RP made public…