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2021 (8) TMI 656 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAIDissolution of Corporate Debtor company - applicability of Section 53 of the IBC on EPF - HELD THAT:- From the records, it is seen that the ‘Appellants’ though made their claims during CIRP, however, the claims have not been notarized as per the procedure. However, prima facie, the value of the assets of the Corporate Debtor being nil, the Liquidator may not be able to pool the funds, distribute the same(sum) in pursuance of Section 53 of the I&B Code 2016. The main contention of the ‘Appellant’ is that Section 53 of the IBC is not applicable in the case of EPF. Since the Employees Provident Fund Act is a special Act and prevails over all other acts and submits that the dues which are payable to the employees cannot be treated as part of the asset of the Corporate Debtor. In view of the nil value and keeping in view of the dissolution of the company there being no other source to pay to the Employees Provident Fund, being a Government Agency, since the Corporate Debtor was dissolved, the company is no more in existence in the eye of law - Appeal dismissed.
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