Approval of the Resolution Plan - whether ‘PF’, ‘Gratuity’ and ...
Insolvency and Bankruptcy
March 1, 2023
Approval of the Resolution Plan - whether ‘PF’, ‘Gratuity’ and ‘Workmen/Employees dues’ have to be paid in full. - Section 30(1) - ‘PF’ and ‘Gratuity’ is to be paid in full as per the provisions of EPF and NP Act, 1952 and payment of Gratuity Act, 1972. Since admittedly the amounts paid are only 35.13% having treated them as ‘Secured Creditors’, we are of the considered view that indeed there was a violation of the provisions of Section 30(2) of the Code, with respect to the payment of ‘PF’ and ‘Gratuity’ only. - AT
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