2023 (8) TMI 1402 - SCH - Insolvency and Bankruptcy

Timelines provided under IBC not followed by Commissioner and employees of the EPFO - HELD THAT - The Commissioner and employees of the EPFO must take steps to ensure that there is compliance with the timelines provided under the Insolvency and Bankruptcy Code, 2016 - Failure may have legal consequences. The employees of the EPFO must be aware of the consequences in order to ensure compliance. In case there is dereliction of duty, action should be taken against erring employees in accordance with law. The impugned judgment does not, in any way, affect the rights of the EPFO to proceed in accordance with law, in view of Section 36(4)(a) (iii) of the IBC. There are no good ground and reason to interfere with the conclusion(s) reached in the impugned judgment and hence, not inclined to issue notice - appeal dismissed.

Summary

The Supreme Court of India in 2023 (8) TMI 1402 - SC Order, dismissed the appeal by the Employees Provident Fund Organization (EPFO). The court emphasized the importance of complying with timelines under the Insolvency and Bankruptcy Code, 2016 (IBC) and warned of legal consequences for failure to do so. The court stated that the impugned judgment does not affect EPFO's rights to proceed under the law.