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2020 (3) TMI 1130

..... ntation period and that whether the same should have priority over other dues - HELD THAT:- The claims received during the period between July 18, 2018 till July 7, 2019 can neither be treated as a part of "insolvency resolution process costs" nor do they fall within the ambit of "liquidation cost" and hence, cannot be accorded priority over other dues in terms of the provisions of the law. In respect of the aforesaid claims received during the period between July 18, 2018 till July 7, 2019 the applicant may rely on the statutory treatment of claims as laid down in section 53 of the IBC. Application disposed off. - C. A. No. 118/CTB/2019 connected with T. P. No. 44/CTB/2019 arising out of C. P. (IB) No. 373/KB/2017 - 10- .....

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..... taliks Ltd. [2020] 9 Comp Cas- OL 272 (NCLT)). Liberty House Group Pte Ltd., therein was the successful resolution applicant. Subsequently, a monitoring committee was formed and constituted in accordance with the resolution plan as approved under section 31 of the IBC. 4. The applicant submits that, Liberty House Group Pte Ltd., the successful resolution applicant, herein had failed to implement the resolution plan and a period of almost one year had elapsed from the date of approval of the resolution plan and that there are various costs which have accrued during the aforesaid period when the monitoring committee was in charge of the corporate debtor, which includes costs incurred and accrued for salary of workmen/employee, admin costs, un .....

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..... iod in the distribution pattern laid down under section 53 of the IBC and whether the same should be treated as priority over other dues. 9. The applicant states that for the period between July 18, 2018 till July 7, 2019, i. e., the period after the lapse of corporate insolvency resolution process and before the commencement of liquidation, the monitoring committee was in charge and has incurred costs. Details of such costs have also been provided as annexure A to the application. 10. The present application is for clarification in regard to treatment of aforesaid claims of work men and employees and such other claims which have accrued during the non-implementation period and that whether the same should have priority over other dues. 11. .....

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..... iquidator under sub-regulation (2) of regulation 24 ; (iv) costs incurred by the liquidator for preserving and protecting the assets, properties, effects and actionable claims, including secured assets, of the corporate debtor ; (v) costs incurred by the liquidator in carrying on the business of the corporate debtor as a going concern ; (vi) interest on interim finance for a period of twelve months or for the period from the liquidation commencement date till repay ment of interim finance, whichever is lower ; (vii) the amount repayable to contributories under sub-regulation (3) of regulation 2A ; (viii) any other cost incurred by the liquidator which is essential for completing the liquidation process : Provided that the cost, if any, incu .....

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..... liquidation costs paid in full ; (b) the following debts which shall rank equally between and among the following :- (i) workmen's dues for the period of twenty-four months pre ceding the liquidation commencement date ; and (ii) debts owed to a secured creditor in the event such secured creditor has relinquished security in the manner set out in section 52 ; (c) wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date ; (d) financial debts owed to unsecured creditors ; (e) the following dues shall rank equally between and among the following :- (i) any amount due to the Central Government and the State Government including the amount to be received on acco .....

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