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Judgment
O R D E R
Oral Judgment : Justice Sharad Kumar Sharma, Member (Judicial):
The Company Appeal (AT) (CH) (INS) No. 68 / 2022 & Company Appeal (AT) (CH) (INS) No. 73 / 2022 are listed today for orders on IA No. 909 / 2024 & IA No. 910 / 2024, as preferred by the Successful Resolution Applicant / Proposed Respondent i.e. Kerala Industrial Infrastructure Development Corporation (KINFRA) praying for, to be impleaded as one of the Party / Respondent in both the Appeals. Accordingly, IA No. 909 / 2024 & IA No. 910 / 2024, would stand Allowed.
The Appellant is directed to carry out the necessary amendment in the cause title of the said Appeals, within a period of 2 days from today.
On the same issue, Appeal as against the Impugned Judgment of 29.01.2021, as rendered in TIBA/03/KOB/2019, came up for consideration, before this Tribunal in Company Appeal (AT)(CH)(INS) No. 29/2021. The said Appeal was adjudicated by a Judgment dated 08.02.2023, subject to certain conditions, which has been observed in Para Nos. 28 & 29 of the said Judgment. But, since the issue remains the same, this Company Appeal (AT) (CH) (INS) No. 68 / 2022, would too stand disposed of, in terms of the Judgment of 08.02.2023, as rendered in Company Appeal (AT) (CH) (INS) No. 29 / 2021. The said Para Nos. 28 & 29 of the Judgment dated 08.02.2023, are extracted hereunder:
``28. Having regard to the ratio of the Judgement in ‘Jet Aircraft Maintenance Engineers Welfare Association’ (Supra) of this Tribunal, upheld by the Hon’ble Apex Court, this Tribunal is of the earnest view that ‘PF’ and ‘Gratuity’ is to be paid in full as per the provisions of EPF and NP Act, 1952 and payment of Gratuity Act, 1972. Since admittedly the amounts paid are only 35.13% having treated them as ‘Secured Creditors’, we are of the considered view that indeed there was a violation of the provisions of Section 30(2) of the Code, with respect to the payment of ‘PF’ and ‘Gratuity’ only.
29.As regards the other allegations, raised by the Appellant with respect to undervaluation and the scope and performance of SRA in taking over the unit are sans evidence and this `Tribunal’, does not find any other `material irregularity’, in the `Approval’ of the ‘Resolution Plan’. Rest of the prayers are declined and this `Tribunal’, does not find any other case / issue for interfering with the `Order’ of the ‘Adjudicating Authority’, approving the ‘Resolution Plan’, except for issuing this `direction’ to the `Successful Resolution Applicant’, to make payment of unpaid ‘Provident Fund’ and ‘Gratuity Fund’ and ‘pending dues’ to the `Workmen’ / `Employees’, till the date of `Corporate Insolvency Resolution Process’, after deducting the amount already paid towards `Provident Fund’, in the ‘Resolution Plan’, as per the principles laid down in ‘Jet Aircraft maintenance Engineers Welfare Association’ (Supra), upheld by the Hon’ble Supreme Court in Civil Appeal No. 407/2023 dated 30.01.2023, which is the law of the land and is binding on all ‘Courts’ & ‘Tribunals’ of India.’’
Based on the above, the Company Appeal (AT) (CH) (INS) No. 73 / 2022, would too stand disposed of accordingly, in terms of Judgment of 08.02.2023, as rendered in Company Appeal (AT) (CH) (INS) No. 29 / 2021. The connected pending Interlocutory Applications, if any, in Company Appeal (AT) (CH) (INS) No. 68 / 2022 & Company Appeal (AT) (CH) (INS) No. 73/2022, would stand closed.