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TMI Blog2019 (5) TMI 1516X X X X Extracts X X X X X X X X Extracts X X X X ..... led on behalf of the workmen of the company in liquidation, namely, Moser Baer India Limited. The prayer made by the workmen is that the directions be issued to the liquidator to exclude the amount due to them towards provident fund, pension fund and gratuity fund from the waterfall mechanism envisaged under Section 53 of the Insolvency and Bankruptcy Code, 2016 and pay to them the provident fund dues, pension fund dues and gratuity fund dues as they will not constitute part of the liquidation estate. Directions have also been sought to pay the dues towards workmen to the workmen in accordance with Section 25 FFF of the Industrial Dispute Act, 1947 and pass appropriate directions to the liquidator to pay arrears due from 01.09.2017 to 20.09 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion estate assets. A co- equal bench of NCLT Mumbai was confronted in the case of Asset Reconstruction Company (India) Ltd. v. Precision Fasteners Ltd. (MA 576 & 752 of 2018 in cp No. decided on 12.09.2018 in paras 33 & 34. Hon 'ble Bench has taken the following view which are reproduced verbatim. "33. Now in alignment with the provisions of EPF Act, in section 36(4) (1) (3), the Code has gone ahead saying that the dues in respect Of the Provident Fund/Pension Fund/Gratuity Fund shall not be treated as part Of the liquidation estate, as long as such dues are not treated as part Of liquidation estate, the provisions of IBC will not be applicable for realisation of such dues from the asset of the Corporate Debtor. The intriguing aspect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is allowed. Learned counsel for the liquidator states that the claim of the workmen dues shall be considered afresh as per law propounded in the present order as well as the order passed by Mumbai Bench of NCLT. It is made clear that if there is any deficiency to the provident fund, pension fund and gratuity fund, then the liquidator shall ensure that the fund is made available in the aforesaid accounts, even if their employer has not diverted the requisite amount. The prayer made with regard to the bonus and compensation shall also be decided in the light of the observations made in accordance with law. CA-304(PB)/2019:- The application stands disposed of. The needful be done at the earliest preferably within the period of two weeks. L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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