IBC & Commercial

[IBC] Government dues  – Belated claims  

The emphasis under the Code is for time bound process rather than payment of belated Government dues – Applications dismissed – Resolution Professional to consider Government dues if appearing in the books of account of the Corporate Debtor. 2023 PLRonline 0114 (NCLT Mum.)

[IBC] Resolution plan –  Resolution Applicant cannot be saddled with any previous claim against the Corporate Debtor prior to the initiation of its CIRP 

– Attachments made by SFIO, CBI, Income Tax Department and PF authorities , resolution applicant is required to approach to the concerned authority . [2023 PLRonline 0115 NCLT]

IBC S. 9 - Joint petition - Workmen/employees (Operational Creditors) may file an application to initiate CIRP in an individual capacity or as a joint capacity by the authorized person

 However, None of the respective/individual Petitioner’s meet or satisfy the pecuniary limit of Rs. 1 crore individually which is essential for maintaining an action under Section 9 of the Code  - As the claim 19 of 21  of each petitioner was below the threshold limit  - Not maintainable. Suresh Narayan Singh vs. Tayo Rolls Limited (2018 SCC OnLine NCLAT 557), referred. 2023 PLRonline 0118 (NCLT Mum.) 

IBC S. 7, 9 - Phrase in Section 7 is “itself or jointly”, whereas the word jointly or any synonym of it is not finding place in Section 9 of the Code. 2023 PLRonline 0118 (NCLT Mum.)