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Judgment
16.01.2025: The appellant has challenged the order dated 31.01.2024 by which resolution plan submitted by Respondent No.2 has been approved. The grievance of the appellant is that the Monitoring Professional sent an email on 13.02.2024 in respect of the claim of the appellant to the tune of Rs. 15,848/-. However, it is submitted by Respondent No.2 that the said email was withdrawn on 08.04.2024 clarifying that the Respondent No.2 has undertaken to pay the entire claim as per resolution plan in the following manner:- Rs.2,68,110/- this amount being transferred immediately and Rs.98,79,823/- un-crystalized amount to be transferred subject to outcome of the appeal (prior to the CIRP) pending with the Competent Authority.
In brief, an application filed under Section 7 of the IBC, 2016 was filed by Export-Import Bank of India against Eastern Silk Industries Pvt. Ltd. (CD) bearing C.P. (IB) No. 588/KB/2020 was admitted on 10.06.2022.
Prior thereto, the Regional PF Commissioner directed to Corporate Debtor to remit a sum of Rs. 48,87,577/- in the account of the appellant. The Corporate Debtor challenged that order by way of an appeal on 16.08.2019 before the Central Government Industrial Tribunal cum Labour Court, Bangalore in which the said court directed the CD to deposit 60% of the amount determined with RPFC. It is alleged that the CD deposited Rs. 30,00,000/- with RPFC vide a Demand Draft on 05.11.2018.
The name of the appellant in respect of PF dues under Section 7A from December, 2008 to February 2013 is Rs.18,87,577/-. This amount has been arrived at after deducting Rs. 30,00,000/- out of Rs. 48,87,577/-. The anticipatory dues under Section 14B was Rs. 48,29,399/- towards damages and anticipatory dues under Section 7Q towards interest of Rs. 31,62,847/- total amounting to Rs.98,79,823/-. The PF dues under Section 14B from March, 2008 to July, 2022 of Rs.1,36,145/- towards damages and PF dues under Section 7Q from March, 2008 to July, 2022 towards interest of Rs. 93,113/- total amounting to Rs. 2,68,110/- has already been paid.
In this appeal, the Respondent No.2 has filed its reply in paragraph 10 of which the following averments have been made:
“10.That, it is further submitted that as regards the grievance of the Appellant, the Respondent No. 1 (Monitoring Professional) has also sent clarificatory e-mail to the Appellant, whereby the error which crept into its e-mail dated February 13, 2024 has been acknowledged and duly addressed. That, the Monitoring Professional vide its e-mail addressed to the Appellant dated April 8, 2024, withdrew the e-mail dated February 13, 2024. The Monitoring Professional further clarified that the resolution plan undertakes to pay the entire dues of the workmen and employees. Accordingly, an amount of Rs. 2,68,110 which is due against PF CODE PY/BOM/34517, shall be paid upfront, as the amount payable is crystallised. However, on account of pendency of appeal before the PF Appellate Authority, the pending dues against PF CODE-PY/BOM/23658 amounting to Rs. 98,79,823 is not being paid upfront and the Respondent No.2 shall pay the sum of Rs. 98,79,823 subject to the adjudication of the appeal pending before PF Appellate Authority. That, accordingly, an amount of Rs. 2,68,110 was duly paid to the Appellant vide cheque bearing Sr. No. 193832.”
The Respondent No.2 has further made the following averments in paragraph 12 which reads as under:
“12.That, as a matter of abundant caution, I on behalf of the Respondent No. 2 state that in the unlikely event that this Hon'ble Appellate Tribunal is not satisfied with the aforesaid stance of Respondent No. 2, the Respondent No. 2 undertakes to pay the entire claim of the Respondent No. 2 in the following manner:
a. Rs. 2,68,110- has already been paid;
b. Rs. 30,00,000- Respondent No. 2 shall withdraw the appeal pending before the PF Appellate Authority;
c. Balance amount as may be directed by this Hon'ble Appellate Tribunal.”
Counsel for Respondent No.2 has submitted that the amount deposited in pursuance to the order dated 16.08.2019 is Rs. 30,00,000/- which shall be released to the appellant by filing an appropriate application before the same court and balance amount out of Rs.98,79,823/- which shall also be paid subject to outcome of the appeal pending before the Competent Authority.
This statement made at the bar by the Learned Senior Counsel appearing on behalf of Respondent No.2 satisfies the appellant. Therefore, the appellant prays for withdrawal of this appeal at this stage with a rider that in case the aforesaid undertaking given before this court is not fulfilled then the appellant may be allowed to file an application for revival of this appeal. Permission is granted.
With these aforesaid observations, the present appeal is disposed of.