TaxTMI 
TaxTMI 
2022 (5) TMI 1368
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....e:- (i) W.e.f. 01.11.2017 the Corporate Debtor - 'M/s Ambient Computronics Private Limited' was brought under the purview of Employees Provident Fund and Miscellaneous Provisions Act, 1952 (for short '1952 Act'). (ii) Insolvency proceedings were initiated against the Corporate Debtor by order dated 10.12.2020 passed by the Adjudicating Authority. (iii) The Corporate Debtor has committed default in compliance of provisions of 1952 Act for the period October, 2011 to October, 2020. On 01.12.2020, a case as E-Court Diary No. 123/2020 was registered by the Appellant for assessment of the dues of all categories of employees of the Corporate Debtor. (iv) On 12.01.2021, the Appellant sent a letter to the Respondent No.1 - Resolution Professional informing that inquiry has been initiated for determination of dues and tentative dues against the Corporate Debtor are to the extent of Rs.6,16,716/-. The RP was informed to take the needful action at the earliest. (v) Prior to 12.01.2021, the Appellant has issued Show Cause Notice under Section 7A of the 1952 Act to the Corporate Debtor asking the Corporate Debtor to show cause as to why inquiry be not initiated. Letter dated 02.12....
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....iled by the Appellant before the Resolution Professional, hence, there is no occasions for entertaining their claim. The Resolution Professional relying on Section 36(4)(a)(iii) submits that provision contemplates all sums due to any workmen or employee from the provident fund, the pension fund and the gratuity fund. He submits that the provision contemplates any amount due from the Corporate Debtor to be paid towards provident fund, pension or gratuity. He submits that as per the provision assets in provident fund, pension and gratuity are not assets of the Corporate Debtor and there is no indication that said amount is to be paid by the Corporate Debtor. 4. Learned counsel for the Successful Resolution Applicant submits that no claim has been filed by the Appellant, therefore, there was no occasions for inclusion of their claim in the Resolution Plan. He submits that Resolution Plan is in accordance with Section 30(2) of the Code which does not warrant any interference. 5. We have heard learned counsel for the parties and perused the record. 6. From the facts of the present case as noticed above it is apparent that the proceedings under Section 7A of 1952 Act were initiated ag....
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....is clear that no claim was submitted by the Appellant in the CIRP process but there is no denying to the fact that in CIRP process notice of proceedings under Section 7A were issued to the Resolution Professionals as well as to the Corporate Debtor. Director of the Corporate Debtor who is now the Resolution Applicant also participated in the proceedings under Section 7A but the proceeding under Section 7A does not find any mention in the Resolution Plan, supposedly due to non-filing of any claim. 9. Now, we notice certain sections of the Code and Regulations under CIRP Regulations, 2016. Section 18 contains duties of the Interim Resolution Professional. Under Section 18(1)(b), the IRP is under duty to receive and collate all claims submitted by creditors to him in pursuance of the public announcement made under Section 13 and 15. Resolution Professional is also under Section 25 under duty to maintain an updated list of claims. When we look into the CIRP Regulations, 2016, Regulation 6 provides for public announcement inviting proof of claim. Regulation 7 deals with dues of the operational creditors, Regulation 8 deals with due of financial creditors, Regulation 8(a) deals with cre....
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..... Information memorandum. - [(1) Subject to sub-regulation (4), the resolution professional shall submit the information memorandum in electronic form to each member of the committee within two weeks of his appointment, but not later than fiftyfourth day from the insolvency commencement date, whichever is earlier.] (2) The information memorandum shall contain the following details of the corporate debtor- [(a) assets and liabilities with such description, as on the insolvency commencement date, as are generally necessary for ascertaining their values. Explanation: 'Description' includes the details such as date of acquisition, cost of acquisition, remaining useful life, identification number, depreciation charged, book value, and any other relevant details.] (b) the latest annual financial statements; (c) audited financial statements of the corporate debtor for the last two financial years and provisional financial statements for the current financial year made up to a date not earlier than fourteen days from the date of the application; (d) a list of creditors containing the names of creditors, the amounts claimed by them, the amount of their claims admitted and the....
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....ate Debtor but due to want of claims being filed of such statutory authority they do not find any mention in the list of claims or Information Memorandum. 15. Large number of cases are coming where Resolution Professional although have record of the Corporate Debtor which indicates several liability and claims against Corporate Debtor but in absence of want of any claim by such statutory authority, the claim does not find place anywhere in the list of claims or Information Memorandum and there is no obligation of the IRP/RP place such information before the CoC. When the IRP/RP come into knowledge of orders against the Corporate Debtor or notice against the Corporate Debtor of ongoing proceeding he should be under obligation to include it in the Information Memorandum and bring the same into the notice of the CoC to enable the CoC to take a wholesome view of entire sequence of facts and circumstances. 16. The law as it exists today does not oblige the IRP/RP to send any information to any creditor or statutory authority even if the records of the Corporate Debtor reflect any liabilities of the Corporate Debtor towards them. It is his sweet will to give information or not to any s....