TaxTMI 
TaxTMI 
TaxTMI 
2025 (8) TMI 1231
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....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 Adjudicating Authority in 2022 seeking payment of gratuity....
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....e 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 the matter on 07.08.2025 after condoning refiling delay of 57 days on part of the Applicants. We have duly considered the arguments....
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....es 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 and that this finding of the Tribunal was contrary to evidence on record. It was added that the Respondent not being on caveat, they were no....
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....icants, 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 Insolvency and Bankruptcy board of India (insolvency Resolution Process for Corporate Person) Regulations, 2016, we have enclosed as Annexure, the claims submitted by financial and operational creditors, am....
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.... (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 TOTAL CLAIMS SUBMITTED (A + B + C): Rs 1404.39 crores Notes: i. CIRP commencement dates 6 February 2018 ii. Employee claims in respect of certain former employees have not been admitted pending submission of claims iii. The security interest in favour of financial creditors is as under." x-x-x-x-x-x READABLE VERSION ENDS x-x-x-x-x-x 12. At this stage, it will be useful and constructive to notice the terms of the resolution plan of the SRA to find out how the plan has treated the....
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....ion 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 Creditors. 3.4 This Workmen Payment shall also include liability of the Company arising from payment of Provident Fund contribution and ESI contribution and any other liability of the Company, whether contractual, statutory or otherwise. towards its workmen, staff, employees and any other person working with the Company on its pay roll. The Workmen Payment shall be paid from the OCD Consideration, to be infused by the Resolution Applicant. 3.5 List of exact payment to Workmen and Employees is annexed hereto as Annexure 7 till CIRP commencement date, and it shall constitute a full and final settlement of all workmen and employee dues (in....
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....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 1,67,149 14. Ankur Khot 39,157 19,579 15. Ankush Kamble 69,032 34,516 16. Apurva Sukani 43,405 21,703 17. Aquib Shaikh 83,592 41,796 18. Arun Bari 2,69,261 1,34,631 19. Arun More 27,827 13,914 20. Arvind Poojari 209,263 104,632 21. Ashok Dinde 184,787 92,394 22. Ashok Konda 20,68,853 10,34,427 23. Ashok Salunkhe 2,61,342 1,30,671 24. Ashwini Raut 39,362 19,681 25. Aslam Naikawadi 40,476 20,238 26. Avdhesh Yadav 1,35,113 67,557 27. Avijit Sanyal 1,62,367 81,184 28. Avinash Takale 43,299 21,650 29. Balaji Panda 1,08,308 54,154 30. Balaso Saptal 2,70,637 1,35,319 31. Balu Katela 42,378 21,189 32. Bhanudas Tupe 3,11,145 1,55,573 33. Bhanwar Tailor 2,54,100 1,27,050 34. Bhaskar Ghagre 23,785 11,893 35. Bhupesh More 30,635 15....
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....7. Lalbahadur Chaudhari 2,82,968 1,41,484 98. Laxman Zore 3,57,061 1,78,531 99. Madhukar Davare 25,416 12,708 100. Mahesh Patil 2,93,195 1,46,598 101. Mahesh Sankhe 2,27,564 1,13,782 102. Manish Gharat 2,64,206 1,32,103 103. Manohar More 1,21,975 60,988 104. Manohar Salunkhe 2,88,461 1,44,231 105. Manoj Dhande 36,498 18,249 106. Manoj Pimpale 2,81,751 1,40,876 107. Nakul Salve 38,252 19,126 108. Narsing Dhaygude 29,120 14,560 109. Navnath Patil 2,00,438 1,00,219 110. Netaji Dabade 32,278 16,139 111. Nikhil Ovhal 43,842 21,921 112. Nilesh Machhi 36,981 18,491 113. Nilesh Pathak 2,80,526 1,40,263 114. Nitin Lokhande 2,62,614 1,31,307 115. Nivruti Naik 2,41,976 1,20,988 116. Omkar Patil 31,792 15,896 117. Pandurang Gawde 1,56,924 78,462 118. Paritosh Sankhe 41,528 20,764 119. Parmanand Tamore 39,878 19,939 120. Peddi Reddy .B 1,34,122 67,061 121. Pradeep Shanvar 14,616 7,308 122. Pradip Warke 23,447 11,724 123. Prafull Ghodke 2,86,721 1,43,361 124. Prakalp Raut 40,678 20,339 125. Prakash Gosavi 4,73,829 2,36,915 126. Prakash Kadam 39,125 19,563 127. Prakash Suryavan....
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....806 188. Satyanarayan Veerbhathini 1,45,231 72,616 189. Shahaji Bhosale 2,78,153 1,39,077 190. Shailesh Kansara 2,53,870 1,26,935 191. Shailesh Patil 47,632 23,816 192. Shamali Salve 51,305 25,653 193. Shankar Shinde 64,670 32,335 194. Shantaram Jamble 5,13,363 2,56,682 195. Shidharam Haralayya 46,092 23,046 196. Shirish Taharabadkar 2,35,754 197. Shivaji Katkar 2,54,818 1,27,409 198. Shivaji Nagare 1,15,114 57,557 199. Shivaram Gharat 1,09,333 54,667 200. Shravanbal Tejam 1,68,381 84,191 201. Shrikrishna Sawant 1.90.585 95,293 202. Shubham Mistri 32,872 16,436 203. Smita Kalse 43,482 21,741 204. Smita Shinde 83,163 41,582 205. Somnath Neharkar 31,662 15,831 206. Sopan Shelar 2,62,467 1,31,234 207. Subhash Domb 3,74,939 1,87,470 208. Suhas Patil 28,405 14,203 209. Sunil Deshmukh 2,88,558 1,44,279 210. Sunil Jadhav 33,596 16,798 211. Sunil Padave 3,24,376 1,62,188 212. Sunil Raut 1,03,398 51,699 213. Sunil Vartak Not legible Not legible 214. Sunil Wahurwagh 73,436 36,718 215. Sunita Kumkar 39,613 19,807 216. Supesh Shelke 43,547 21,774 217. Suresh Avadhani 6,....
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.... Mayuri Bhoir 1,02,462 - 19. Mrinal Debnath 65,080 - 20. Nilesh Sankhe 82,020 - 21. Nitin Dey 78,110 - 22. Peddi Reddy Bijjam 1,28,774 - 23. Raghava Reddy Majjiga 1,52,067 - 24. Raghavendra T-Pyati 1,85,664 - 25. Raup Pinjari 19,640 - 26. Ravindra Athavale 1,00,000 - 27. Sagar Ekal 15,848 - 28. Sandeep Patil 69,083 - 29. Sandeep Turwatkar 2,52,452 - 30. Shakera Shaikh 78,224 - 31. Shashikant Gaikwad 86,433 - 32. Sonali Sawant 35,805 - 33. Sudhir Zende 61,593 - 34. Sumit Gampawar 69,595 - 35. Sunil 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 o....
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....ts. In the present case, the Resolution Plan had acquired finality upto the level of the Hon'ble Supreme Court and even implementation process was also complete. As noticed above, this plan clearly did not provide for payment of gratuity dues to the employees who were not on the payroll before 06.02.2018. In the Jet Aircraft judgment supra, the plan had not attained finality and was still under challenge. Thus, this judgement cannot come to the rescue of the Applicants. 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 Singa....