2024 (1) TMI 91

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....l dispose of two appeals bearing CA (AT) (Ins) No. 439 of 2022 which has been filed by the Regional PF Commissioner, Jaipur to challenge the validity of the order dated 13.10.2021 by which an application bearing I.A. No. 186/JPR/2019 purported to have been filed by Resolution Professional (RP) under Section 30(6) r/w Section 31 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') seeking approval of the resolution plan has been allowed (hereinafter referred to as 'first appeal') and CA (AT) (Ins) No. 64 of 2023 again filed by the same Appellant against the order dated 20.10.2022 by which an application bearing I.A. No. 331/JPR/2021 filed under Section 60(5) of the Code seeking direction to the RP to consider the claim of Rs. 8,98,9....

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....ded with the first appeal as Annexure A5 Colly. Meaning thereby, the amount under Section 14-B of the EPF Act, 1952 (in short 'the Act') and 7Q of the Act were crystalized and determined on 10.07.2019. 5. The Adjudicating Authority rejected the application filed by the Appellant on 20.10.2022, inter alia, on the ground that not only the order for approval of the resolution plan has been passed on 13.10.2021 but also the disputed amount does not form part of form B. 6. Aggrieved against the aforesaid two orders, the present appeals have been preferred and the only argument raised by the Appellant is that as per Section 36(4)(iii) the amount of provident fund cannot form part of the liquidation estate and has to be returned as it is. It....

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..... 25286 of 2023) decided on 25.08.2023 in which the Hon'ble Supreme Court has observed that "Delay condoned. Having heard the learned counsel for the appellant - Employees Provident Fund Organization 1, we are of the view that the Commissioner and employees of the EPFO must take steps to ensure that there is compliance with the timelines provided under the Insolvency and Bankruptcy Code, 20162. Failure may have legal consequences. The employees of the EPFO must be aware of the consequences in order to ensure compliance. In case there is dereliction of duty, action should be taken against erring employees in accordance with law. Having said so, we are of the opinion that the impugned judgment does not, in any way, affect the rights of the EP....

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....the amount can be assessed but it can be claimed only in strict compliance of the time periods prescribed under the IBC before the Adjudicating Authority. In the present case, we have found that CIRP was initiated on 12.06.2018, public announcement was made on 15.06.2018, the time period provided of 90 days expired on 15.09.2018 but still keeping in view the fact that it is a matter qua the amount of EPF, Form B was as on 18.02.2019 was entertained but in so far as the amount of interest and penalty is concerned, there was an inordinate delay as it has been assessed on 10.07.2019. 11. Before parting with this order, Counsel for the Appellant has drawn our attention to an observation made by the Adjudicating Authority in the first appeal ....