Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (5) TMI 339 - Tri - Insolvency and BankruptcyMaintainability of application - impleadment of respondent - approval of resolution plan - HELD THAT:- It is a matter of record that, the Applicant on approval of the Resolution Plan has failed to implement the Plan within the time frame as stipulated in the Resolution Plan. The order dated 27.02.2019 passed by this Adjudicating Authority has also been assailed before Hon'ble NCLAT, wherein Hon'ble NCLAT vide its order dated 19.12.2019 has partially modified the order. However, Resolution Applicant has preferred a Civil Appeal no. 1920 of 2020 before the Hon'ble Supreme Court against the impugned order dated 19.12.2019, so passed by Hon'ble NCLAT - by following the "Doctrine of merger", the order passed by this Adjudicating Authority in IA 224 of 2018 stands finally merged with the common order of Hon'ble Supreme Court dated 20.05.2020. Hence, it reaches to the finality. In the case of State Bank of India vs. Moser Baer Karamchari Union [2019 (8) TMI 915 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], the question whether the provident fund, pension fund, and gratuity fund come within the meaning of assets of 'corporate debtor' for distribution under Section 53 of the Insolvency and Bankruptcy Code, 2016, came for consideration and the Hon'ble NCLAT held that the appellant could not derive the meaning of 'workmen's dues' as assigned to it in section 326 of the Companies Act, 2013, which deals with the 'overriding preferential payments.' There is a difference between the distribution of assets and' priority of workmen's dues, as mentioned under Sec. 53(1)(b) of the I&B Code and Sec. 326(1) (a) of the Companies At, 2013. The appellate Tribunal declined to interfere with the order of the NCLT holding that the provident funds do not come within the meaning of 'liquidation estate' for distribution of assets under Sec. 53 of the I&B Code - the prayer so made by the Applicant is rejected as not maintainable.
|