19/07/2024

Claim against demand order of EPFO passed after commencement of Liquidation cannot be admitted in the liquidation proceedings – Central Board of Trustees, Employees’ Provident Fund Vs. Mr. Bhavesh Rathod, Liquidator Ashapura Intimates Fashion Ltd. – NCLT Mumbai Bench

Hon’ble NCLT Mumbai referring Section 33(5) of IBC and judgment in DBS Bank India Ltd. Vs. Kuldeep Verma, Liquidator of Eastern Gases Ltd. (2023) ibclaw.in 103 NCLAT, held that the order creating the demand against the Corporate Debtor was passed after the commencement of liquidation, we have no hesitation to hold that the claim of applicant can not be admitted in the liquidation proceedings.

Claim against demand order of EPFO passed after commencement of Liquidation cannot be admitted in the liquidation proceedings – Central Board of Trustees, Employees’ Provident Fund Vs. Mr. Bhavesh Rathod, Liquidator Ashapura Intimates Fashion Ltd. – NCLT Mumbai Bench Read Post »

Jet Aircraft Maintenance Engineers Welfare Association Vs. Mr. Ashish Chhawchharia RP of Jet Airways (India) Ltd. – NCLAT New Delhi

Hon’ble NCLAT observed that there is no occasion for holding RP personally liable for any payment made to 103 employees. Any payment after CIRP having been made by the RP with the approval of CoC, no personal liability can be fastened on the RP. The Appellant in the Application, could not have been allowed and in view of the affidavit filed by the RP, the apprehension that Appellants’ 103 employees shall receive double payment has also been clarified and those 103 employees shall not be entitled to be made any payment as per the Resolution Plan towards their unpaid salary. Whereas, 103 employees shall also be entitled for payment of gratuity and provident fund as per the judgment of this Tribunal dated 21.10.2022.

Jet Aircraft Maintenance Engineers Welfare Association Vs. Mr. Ashish Chhawchharia RP of Jet Airways (India) Ltd. – NCLAT New Delhi Read Post »

NCLT has power to sanction proposed modification in the swap ratio of the Transferor Companies to the Scheme of Merger/Amalgamation – One World Center Pvt. Ltd. Vs. FIM Holdco Ltd. and Anr. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) No major amendment has been proposed to the scheme. The only change which has occurred is a miniscule change in the swap ratio of the Transferor Companies. Admittedly the Scheme is reasonable, just and fair to all the stakeholders of the respective Companies and in accordance with all extant laws.
(ii) NCLT in the interest of time and justice, should have considered the deemed approval of the shareholders as stated in their consent affidavits or in the alternate could have issued directions for tendering fresh consent affidavits rather than dismissing the said CA in limine and asking to file First Motion afresh.

NCLT has power to sanction proposed modification in the swap ratio of the Transferor Companies to the Scheme of Merger/Amalgamation – One World Center Pvt. Ltd. Vs. FIM Holdco Ltd. and Anr. – NCLAT New Delhi Read Post »

Can Resolution Professional/CoC revise maintenance fees and recovery of electricity dues from Allottees during the Real Estate Insolvency? | Whether payment of electricity charges being an essential service, such amount can be accounted towards CIRP costs and that the Corporate Debtor is not liable to pay the amount till the completion of the period of moratorium? – Sanskriti Allottee Welfare Association (Reg.) and Anr. Vs. Gaurav Katiyar RP Earthcon Universal Infratech Pvt. Ltd. and Anr. – NCLAT New Delhi

In this important judgment, Hon’ble NCLAT clarified following issues:

A. Is NCLAT/NCLT the competent forum to consider whether the association of allottees constituted or not?
B. Is it appropriate on the part of the RP to seek the approval of the CoC in the determination of maintenance fees and recovery of electricity dues?
C. Can after having been present Authorised Representative of allottees in the CoC meetings and exercised their voting rights, the allottees question the authority of the CoC to have made some business decisions?
D. Whether payment of electricity charges being an essential service, such amount can be accounted towards CIRP costs and that the Corporate Debtor is not liable to pay the amount till the completion of the period of moratorium

Can Resolution Professional/CoC revise maintenance fees and recovery of electricity dues from Allottees during the Real Estate Insolvency? | Whether payment of electricity charges being an essential service, such amount can be accounted towards CIRP costs and that the Corporate Debtor is not liable to pay the amount till the completion of the period of moratorium? – Sanskriti Allottee Welfare Association (Reg.) and Anr. Vs. Gaurav Katiyar RP Earthcon Universal Infratech Pvt. Ltd. and Anr. – NCLAT New Delhi Read Post »

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