TaxTMI 
TaxTMI 
TaxTMI 
2026 (3) TMI 209
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....en filed by employee of the Corporate Debtor- Rolta India Limited challenging the order dated 15.12.2025 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench-I in IA (IBC) (Plan) No. 65 of 2024 by which order Adjudicating Authority has approved the Resolution Plan of the Corporate Debtor which was approved by 100% voting share of the CoC. 2. Brief facts of the case necessary to be noticed for deciding the Appeal are:- 2.1. The CIRP of the Corporate Debtor commenced on 19.01.2023. Respondent No.1 was appointed as Interim Resolution Professional. Publication in Form A was made on 21.01.2023. Appellant Nos.1 and 4 along with other ex-employees filed their claims which was admitted and their names were include....
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.... the statement of the Advocate of the Applicant passed an order that Resolution Plan provides for payment of dues to the employees to the extent of the higher of (i) 12 months' entitlement of the employees or (ii) the percentage of dues payable to the unsecured financial creditors. It is submitted that the amount proposed in the plan to the Appellant is less than 12 months' entitlement of the employees. The order approving the Resolution Plan is, thus, not in accordance with the Adjudicating Authority order dated 05.12.2025. The amount under the plan although has been credited to the account of the Appellant but the amount being not in accordance with the order dated 05.12.2025 cannot be accepted. It is submitted that aggrieved by the non- ....
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....il'. It is submitted that the Intervention Petition No. 175 of 2025 was filed by Appellant Nos.1 and 4 and in the Appeal, certain other Appellants have joined who has not part of the Intervention Petition. Employees' claims were admitted as early as February 2023, however, no grievance is made at that stage. An Intervention Petition was filed when Resolution Plan was pending approval. Approval of the Resolution Plan is in accordance with Section 30(2)(b). No objection regarding admission of claim even raised by the Appellant. The amount offered to the Appellant is in accordance with the order dated 05.12.2025. 6. We have considered the submissions of the Counsel for the parties and perused the record. 7. We need to first notice the or....
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.... 39,07,081/- 3. Appellant No.3 36,79,893/- 3,42,393.29/- 33,37,500/- 4. Appellant No.4 15,81,632/- 1,53,279.62/- 14,28,352/- 5. Appellant No.5 46,75,223/- 2,32,195.62/- 44,43,027/- 6. Appellant No.6 40,96,328/- 3,20,291.41/- 37,76,037/- Total 1,95,50,412/- 14,95,994.09/- 1,80,54,418/- 9. The Appellant itself has pleaded in paragraph 7.12 that Resolution Plan provides a realisable amount of Rs. 1 Crore equivalent to 1.65% of the dues of ex-employees as full and final settlement. 10. When we look into the order approving the Resolution Plan, the total Resolution Plan amount is Rs. 900 Crore and the admitted claim of secured financial creditors is much mor....
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....ribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2. - For the purpose of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the provisions of this clause shall also apply to the corporate insolvency resolution process of a corporate debtor- (i) where a resolution plan has not been approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any c....