TaxTMI 
TaxTMI 
2019 (5) TMI 1848
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....he Company Petition and be given an opportunity to be heard in any proposed resolution plan; to directing the parties to the Company Petition to furnish copies of the papers to the petition and any proposed resolution plan that may be made with regard to the Corporate Debtor etc. 2. Brief facts of the case, as referred in the application, which are relevant to the issue, are as follows: "1. Applicants are Employees of Indus Fila (Applicant) are the Employees/workmen of the Corporate Debtor represented by Shri L.Muralidhara Peshwa, an Advocate and Vice-President of Mysore District General Employees Union, a registered trade union, bearing registration No. MYS/TUA/487/1961 espousing the cause of the Workmen/Employees of Mysuru Dis....
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.... a dispute, through the union, on the illegal lock out caused to the workers. The Appropriate Authority under the Payment of wages were pleased to pass an order for the payment of wages of relevant period and the Government also referred the matter for adjudication on the issue of lock out caused to the workers by the Corporate Debtor. The matter concerning the lock out is now pending before the Hon'ble Industrial Tribunal, Mysuru, in reference 243/2015. 4. The Applicant states that the Corporate Debtor failed to comply with the order of the Authorities under the payment of wages act and hence the Applicant had moved the Recovery Authorities for the recovery of amount dues to the workers. But the Corporate Debtor had informed t....
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.... 7. The workers are worried about the outcome of the Resolution Plan and the Applicant states that under section 31 of the Insolvency and Bankruptcy Code, 2016 any Resolution Plan accepted by the Adjudicating Authority shall be binding upon the workmen. Under both the Companies Act, 1956/2013, the workmen have been made secured creditors by law. 8. The Applicant has made out a prima facie case for grant of the aforesaid reliefs. If the reliefs as prayed for are not granted, grave and irreparable loss will be caused to the Applicant. No loss or prejudice whatsoever will be caused to the Respondents, if the reliefs prayed for are granted. The balance of convenience lies in favour of the Applicant. The Applicant further decla....
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....put forth the following issues: i. Rs. 17,00,000/- towards payment of dues to 138 workmens under the Resolution Plan is insufficient. ii. Resolution Plan should take into consideration the order of the Authority under the Payment of Wages Act, 1936 dated 6th June, 2014 and 20th November, 2014. iii. Employee's Provident Fund, Gratuity Fund etc., have not been remitted from 2011-13 and the same ought to be considered in the Resolution Plan. iv. Requested for continuation of employment services of the workmen and employees of Indus Fila once the Resolution Applicant takes over. v. Representation of workmen in the proposed Monitoring Agency under the Resolution Plan. 12. The Resolution A....
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....e grievance of the workers with regard to the provident fund, Pension fund, gratuity fund etc. Accordingly, the Authorised representative of workers and employees submitted that detailed calculations of the claims pertaining to Bonus, Gratuity, Employee Provident Fund and Wages including bifurcation of the amount due pertaining to the 24 months prior to the Insolvency Commencement dated, 19th March, 2019 with regard to the 138 workmen and none out of the 5 employees. 5. The RP further added that, in the meanwhile, the Resolution applicant vide its e-mail dated March 07, 2019 intimated they offer to pay additional Rs. 17 Lakhs to the workers Beyond Total consideration offered in the Resolution Plan dated January 07, 2019. The extract o....
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....hat the grievances of the applicants were duly considered by the Resolution Professional and CoC, in accordance with law. As per provision of Code, CIRP would be conducted by IRP/RP with CoC at the helm of affairs of Corporate Debtor, subject to overall superintending powers to be exercised by Adjudicating Authorities. All the decisions of CoC would be taken as per law and those decisions would be binding on Corporate Debtors, employee, all stakeholders etc. as per section 31(1) of the Code. It is settled position of law that even the Adjudicating Authority will have power only to direct CoC to reconsider the grievance of other parties, who are not part of CoC, if it finds that those grievances are required to be re-considered again. Basica....