TaxTMI 
TaxTMI 
2025 (8) TMI 1231
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....olistic understanding of the issue at hand, we would like to recapitulate briefly the chronological sequence of events in the present matter briefly. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process ("CIRP" in short) on 06.02.2018. The resolution plan submitted by the Successful Resolution Applicant ("SRA" in short) was approved by the Adjudicating Authority on 16.04.2019 with 77.80% CoC voting share, following which the SRA took over the management and ownership of the Corporate Debtor. This resolution plan was challenged before this Tribunal, which challenge was dismissed by this Tribunal on 30.08.2019. The order of this Tribunal upholding the resolution plan was challenged before the Hon'ble Supreme Court. However, the Hon'ble Supreme Court vide order dated 20.02.2020 dismissed the appeal and did not interfere with the Resolution Plan. Thus, the resolution plan of the SRA acquired finality on 20.02.2020 having also received the stamp of approval of the Hon'ble Supreme Court. 3. Much after the plan was approved and confirmed upto the level of the Hon'ble Supreme Court, certain ex-employees of the Corporate Debtor filed an I.A. before the Adjudicat....
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....er once again on merits. 7. If any application is filed in this regard the same shall not be rejected only on the ground that the NCLAT has no power to review its order. " 5. In pursuance of the above order of the Hon'ble Supreme Court, the Applicants have filed the present Review Applications No. 4 & 5 of 2025 in CA(AT)(Ins) No. 522 & 523 of 2023 making the following prayers as reproduced below: (a) Pass an order with the effect of reviewing the orders passed by this Hon'ble Appellate Tribunal in Company Appeal (AT) (Ins.) No. 522 of 2024 and in Company Appeal (AT)(Ins.)523 of 2024 dated 18.12.2024; and/or (b) Pass an order of rectification or modification of the orders passed by this Hon'ble Appellate Tribunal in Company Appeal (AT) (Ins.) No. 522 of 2024 and in Company Appeal (AT)(Ins.)523 of 2024 dated 18.12.2024; and/or (c) Pass an order to re-hear the matter in order to pass sufficient orders under the above mentioned prayers (a) and (b). (d) Any other order as deemed fit by Hon'ble Tribunal in light of the fact and circumstance in the present case. 6. In deference to the directions of the Hon'ble Supreme Court, we have heard....
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.... Vs Regional Provident Fund Commissioner & Arn. in Civil Appeal No. 407 of 2023 directing payment of admitted claims towards gratuity dues to the employees. Further it was contended that for the purpose of making gratuity payment, the SRA cannot make any differential treatment between employees on the payroll as on 06.02.2018 and employees not on payroll as on 06.02.2018. In support of their contention reliance has been placed on the judgment of this Tribunal in SBI Vs Moserbaer Karamchari Union in CA(AT)(Ins) No. 396 of 2019 and of the Hon'ble Supreme Court in CoC of Essar Steel India Ltd. Vs Satish Kumar Gupta (2019) 16 SCR 275 to contend that sub-categorization within a class of creditors is impermissible. Therefore, failure on the part of SRA to pay admitted gratuity dues to the Applicants on this count tantamount to non-implementation of the resolution plan. 9. Refuting the arguments canvassed by the Applicant, the Ld. Counsel for the Respondent vehemently contended that the Applicants had misrepresented facts before the Hon'ble Supreme Court that this Tribunal had returned a wrong finding that the gratuity claim of the Applicants did not form part of the resolution plan an....
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...." and "Financial Claims" as well as the names of Creditors as can be seen at page 46-47 of the Review Application. The name of one of the Applicants, Shri Ravindra Athavale is found to be reflected under the category of "Employee Claims" which clearly shows that gratuity dues of the Applicants had been admitted by the RP. To avoid any ambiguity, the letter is as reproduced below : (READABLE VERSION OF THE SCANNED COPY OF LETTER DATED 13.03.2018 IS AS BELOW) "ANNEXURE A/3" Calyx CALYX CHEMICALS AND PHARMACEUTICALS LIMITED CIN:U24220MH1986PLC038618 Factory: N-102, 91, MIDC, Tarapur, Boisar, Dist. Palghar-401 506, Maharashtra, INDIA. Tel.: +91-22-2525-274 858. Fax: +91- 22-6646 6416. www.calyxindia.com 13 March 2018 To The National Company Law Tribunal, Mumbai Bench. 6th Floor, Fountain, Mahatma Gandhi Road Mumbai, Maharashtra - 400 001 Subject : List of creditors for Calyx Chemicals and Pharmaceuticals Limited as required under Regulation 13(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 In accordance with Regulation 13(2) (d) of Inso....
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.... Mahesh Kamal 3,48,192 Nilin Dey 78,110 Peddi Bijam 1,28,774 Raghava Reduy 1,52,067 Raghavendra S T Pyali 1,85,664 Ravindra Athavale 1,00,000 Sandeep Turwaikar 2,52,452 Shakera Shaikh 78.224 Sumit Gampawar 69,595 Sunil Save 88,535 Sushil Dheer 1,63,123 Tanvir Mahadik 2,08.042 Vimeshkumar Palel 1,79,284 [Sub Total B) 47,20,987 (C) Financial Claims (C) Financial Claims Clalm Suhmitted (Rs in crores) Secured- Allahabnd Bank 94.20 Bank of Bahrain & Kuwait BSC 6.8 Bank of India 71.20 Bank of Maharashira 43.83 Canara Bank 64.08 Corporation Bank 60.93 Dena Bank 8 65 Export-Import Bank of India 112.58 IDBI Bank Limited 45 64 Indian Bank 8.70 Kotak Mehindra Banık Limited 8.0 Oriental Bank of Commerce 44.63 Punjab National Bank 155.33 SBI Global Factors Limited 10.62 The Jammu & Kaslımir Bank Limited 73.60 UCO Bank 29.01 Unsecured- Canbank Factors Limited 3.15 Sub Total (C) 1401.15 ....
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....of INR 1.16 Crores, ("Workmen Payment") within 30 days from the Closing Date. towards PF, PT & TDS. Gratuity (currently provisioned for INR 2.56 Crores) will be paid as and when due, in accordance with the Applicable Law. Also, Net Salary, Leave Encashment, Bonus of all employees and workmen to the extent of INR 1.11 Crores shall be paid as per Annexure 7, on discharge of relevant Workman or Employee from Employment or within 2 years from Closing Date, whichever is earlier. The aforesaid amounts will be full and final amount and one time settlement of all workmen and employees dues as on Insolvency Commencement Date. While the Resolution Applicant is not aware of the liquidation value of the Company, for the purpose of this Resolution Plan, the underlying assumption of the Resolution Applicant is that the liquidation value due to the Operational Creditors (Workmen and Employees) in accordance with the liquidation waterfall under the Code is far less than the sun agreed to be paid to the Workmen and Employees hereinabove. Further, as per Regulation 38(1) of the CIRP Regulations, the amount due to the Operational Creditors are being given priority in payment over the Financial Credit....
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....olution plan and has to be read hand in hand in view of Clause 3.3 and 3.5 of the plan. It is therefore essential to reproduce "Annexure 7: Payment to Employees and Workmen". The contents of Annexure 7 which appears as 'Annexure 4' in the Review Application is as reproduced below: "ANNEXURE A/4" Annexure 7: Payment to Employees and Workmen 1. List of employees who were on the payroll of the company as on 6th February, 2018 and have submitted claims through an authorized representative of workmen and employees. Sr. No. Employee Name Claims Admitted (Amount in INR) Payment to be made (Amount in INR) 1. Ajay Rathod 40,027 20,014 2. Ajay Suradkar 36,481 18,241 3. Ajay Tare 38,689 19,345 4. Ajaykumar Patel 7,72,033 3,86,017 5. Ajit Pawar 26,861 13,431 6. Ajit Salunkhe 23,695 11,848 7. Amitabh Saxena 2,99,805 1,49,903 8. Amol More 18,026 9,013 9. Amol Sayane 43,888 21,944 10. Anand Salunkhe 2,86,885 1,43,443 11. Anant Kasar 1,37,905 68,953 12. Anil Jadhav 15,499 7,750 13. Anil More 3,34,298 1,67,....
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....11,35,516 66. Gracy Andrew 2,91,950 1,45,975 67. Harshad Lohar 41,963 20,982 68. Hemant Bari 1,23,591 61,796 69. Hemant Kumar Singh 1,81,859 90,930 70. Hemant Pimple 2,61,577 1,30,789 71. Hemantkumar Mahajan 1,71,211 85,606 72. Himanshu Churi 15,699 7,850 73. Hitesh Dongare 33,866 16,933 74. Hitesh Vagadia 9,79,215 4,89,608 75. Indiresh Yadav 1,14,997 57,499 76. Jagdish Salian 3,98,388 1,99,194 77. Jaiprakash Patil 4,55,916 2,27,958 78. Javed Mahammed Shaikh 24,807 12,404 79. Jayashrec Murukate 1,26,398 63,199 80. Jaydeep Mhatre 34,441 17,221 81. Jayesh Gawad 40,602 20,301 82. Jitendra Mali 96,460 48,230 83. Jitendra Sankhe 1,12,390 56,195 84. Jitendra Talele 1,06,159 53,080 85. Jitendra Tare 71,568 35,784 86. Jitendra Vade 2,66,288 1,33,144 87. K R Singh Thapa 3,67,813 1,83,907 88. Kailash Salunkhe 2,74,602 1,37,301 89. Kalidas Bagal 1,28,676 64,338 90. Kalpesh Bhangale 24,791 12,396 ....
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....9,308 1,24,654 142. Raghava Majjiga 1,58,903 79,452 143. Rahul Kulkarni 1,97,658 98,829 144. Rahul Wadke 1,04,596 52,298 145. Raj Mhatre 17,845 8,923 146. Rajan Margl 1,20,286 60,143 147. Rajesh Mere 30,765 15,383 148. Rajesh Mhatre 3,05,337 1,52,669 149. Rajesh Sonkamble 1,53,856 76,928 150. Rajesh Yadav 52,855 26,428 151. Rakesh Mhatre 37,251 18,626 152. Ram Varma 1,08,495 54,248 153. Ramdas Kadam 5,36,639 2,68,320 154. Ramnarayan Pandil 2,69,306 1,34,653 155. Rashmi Khandare 1,04,877 52,439 156. Ravi Selvaraj 75,850 37,925 157. Ravindra Sonkamble 1,48,630 74,315 158. Reena Kini 51,821 25,911 159. Ronak Ashok Sethiya 52,173 26,087 160. Roopvarsha Khambal 2,94,600 1,47,300 161. Roshan Vade 34,259 17,130 162. Rupali Joshi 3,51,255 1,75,628 163. Rupesh Sankhe 3,23,687 1,61,844 164. Rushikumar Gharat 2,69,475 1,34,738 165. Sachin Gursal 25,438 12,719 166. Sachin Mane 47,826 23,913 16....
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.... 21,774 217. Suresh Avadhani 6,16,028 3,08,014 218. Suresh Mate 1,18,733 59,367 219. Suresh Salunkhe 2,81,024 1,40,512 220. Suresh Thapa 3,12,786 1,56,393 221. Suryakant Zore 3,23,534 1,61,767 222. Suryapraksh Yadav 44,455 22,228 223. Suyog Gharat 25,987 12,994 224. Swapnil Kadu 39,104 19,552 225. Tamanna Shaikh 92,579 46,290 226. Tejeswara Rao Killi 1,20,398 60,199 227. Trishul Shinde 25,210 12,605 228. Tushar Bari 53,185 26,593 229. Uday Bhosle 1,28,896 64,448 230. Uday Kumar Rao 15,19,405 7,59,703 231. Umesh Patil 2,10,591 1,05,296 232. Upesh Deo 41,809 20,905 233. Vaibhav Patil 57,944 28,972 234. Vaibhav Patil 18,657 9,329 235. Vaman Naik 6,35,201 3,17,601 236. Vasant Mane 1,83,489 91,745 237. Vicky Patil 25,918 12,959 238. Vijay Patil 3,46,670 1,73,335 239. Vilas Salunkhe 2,33,917 1,16,959 240. Vilas Shinde 3,78,359 1,89,180 241. Vinayak Jamble 3,78,359 1,48,562 242. Vinod P....
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.... Save 88,535 - 36. Suresh Patil 6,54,964 - 37. Sushil Dheer 1,63,123 - 38. Tanvir Mahadik 2,08,042 - 39. Vimesh Patel 1,79,284 - Total 54,44,849 - Summary of all the Employee claims: Sr. No. Particulars Claims Admitted (Amount in INR) Payment to be made (Amount in INR) 1 Employees in the payroll and claims submitted through authorized representatives 5,67,77,295 2,83,88,648 2 Employees in the payroll and claims submitted individually 1,05,972 52,986 3 Employees not on the payroll of the company 54,44,849 - Total 6,23,28,116 2,84,41,634 14. When we peruse the terms of the resolution plan alongwith the Annexure 7, it clearly shows at Category No. 3 that 39 employees who were not on the payrolls of the Company as on 06.02.2018 had submitted their claims individually. Annexure 7 clearly depicts that "Nil" payments were to be made to them against the claim amount admitted in their case. We find the name of one of the present Applicants, Shri Ravindra Athavale at Sl. No. 26 at Annexure 7 at Category No.3. It is unambiguously clear from a readin....
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.... 19. Thus, when the plan of the SRA did not provide for any payment to the Applicants for their gratuity dues and this plan had been approved by CoC in the exercise of its commercial wisdom, it would be fallacious on our part to accede to the contention of the Applicants that their gratuity payment claims formed part of the Resolution Plan. Further in terms of the approved plan, the SRA has already paid Rs 4.83 Cr. including Rs 2.56 Cr. towards gratuity against the admitted claim of Rs 6.29 Cr. of the workmen/employees which has not been controverted by the Applicants. 20. It is well-settled, as held by the Hon'ble Supreme Court in Ghanshyam Mishra and Sons Pvt. Ltd. Vs Edelweiss ARC (2021) 9 SCC 657 and Ebix Singapore Pvt. Ltd. Vs Committee of Creditors of Educomp Solutions Ltd. (2022) 2 SCC 401, that once a Resolution Plan is approved, all claims not forming part of it stands extinguished and cannot be reopened. After the plan of the SRA was approved by the Adjudicating Authority on 16.04.2019, the issue of differential treatment to employee and workmen not on the payroll of the Corporate Debtor as on 06.02.2018 and employees and workmen who were on the payroll as on 06.02.....
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....ceuticals Limited (a company under corporate insolvency resolution process by NCLT order dated 6 February 2018) Registered with BBI: IP Registration no .: IBBV/ PA-001/IP-P00434/2017-18/10757 Address: 2602, Fairfield A Wing, Lodha Luxuria, Majiwada, Thane West, Thana - 400061, Maharashtra, India. E-mail: [email protected] OTAR PIR. PABALE Registered Office : GOVT SAP OF IND Document 2 47 calyx CALYX CHEMICALS AND PHARMACEUTICALS LIMITED CIN : U24220MH1986PLC038618 R & ( Unit : 4-37/38, MITC, Phase-I, Golavli, Kalyan-Shil Road, Dombivli (East), Dist Thane - 121 203. INDIA Tel: +91-251-698300 · Fax : +91-22-66466401. www.calyxindia.com [A) Operational Claims Name of Creditor Claim Submitted [Rs) Ambavat Jain & Associates Limited 3,33,024 Fine Chem Corporation 3,62.513 Income-lax (TD'S) Department 32.13 Lacs Jiangsu Guolas International Group Rau Tại 1,04,40,713 Jivraj Chemicals & Industries Private Limited 49.10,405 Sanjay Mehla 2,19,500 Shree Aarti Enterprises 3,71,010 Shree Ganesh Decorators & Caterers 17,95,000 Sub Total(A) 276.45Lacs [Rs) (B) Employeo Claims Name of Creditor Claim Submitted ....