Twenty-four workmen/employees of M/s. Vysali Pharmaceuticals Private Limited filed an application before the NCLT, Kochi Bench, seeking directions for the protection of their employment and statutory dues. The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC, 2016, and subsequently moved into liquidation due to the non-approval of any feasible Resolution Plan. The applicants claimed to have rendered services during both the CIRP and liquidation periods but had not received their wages, and sought distribution of gratuity and Provident Fund dues, citing dire financial crisis.
An application was filed by 24 persons, identified as workmen/employees of M/s. Vysali Pharmaceuticals Private Limited, seeking directions for the protection of their employment and statutory dues.
The applicants claimed to have rendered services during both the Corporate Insolvency Resolution Process (CIRP) and liquidation periods but had not received their wages.
The applicants pleaded for the distribution of their gratuity and Provident Fund dues, stating they were in dire financial crisis.
M/s. Vysali Pharmaceuticals Private Limited (Corporate Debtor) was admitted into CIRP on 13.10.2023, following an application by M/s. Kerala State Industrial Development Corporation under Section 7 of the IBC, 2016.
An Interim Resolution Professional was appointed during the CIRP.
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The Corporate Debtor, M/s. Vysali…
A liquidation order was passed by the…
Twenty-four workmen/employees of M/s. Vysali Pharmaceuticals Private Limited filed an application before the NCLT, Kochi Bench, seeking directions for the protection of their employment and statutory dues. The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC, 2016, and subsequently moved into liquidation due to the non-approval of any feasible Resolution Plan. The applicants claimed to have rendered services during both the CIRP and liquidation periods but had not received their wages, and sought distribution of gratuity and Provident Fund dues, citing dire financial crisis.
An application was filed by 24 persons, identified as workmen/employees of M/s. Vysali Pharmaceuticals Private Limited, seeking directions for the protection of their employment and statutory dues.
The applicants claimed to have rendered services during both the Corporate Insolvency Resolution Process (CIRP) and liquidation periods but had not received their wages.
The applicants pleaded for the distribution of their gratuity and Provident Fund dues, stating they were in dire financial crisis.
M/s. Vysali Pharmaceuticals Private Limited (Corporate Debtor) was admitted into CIRP on 13.10.2023, following an application by M/s. Kerala State Industrial Development Corporation under Section 7 of the IBC, 2016.
An Interim Resolution Professional was appointed during the CIRP.
…The Corporate Debtor, M/s. Vysali…
A liquidation order was passed by the…