2023 (3) TMI 3 - SC - Insolvency and Bankruptcy

Approval of Resolution plan - non-payment of the full amount of Provident Fund Dues - violation of provision of Section 30(2)(e) - Time limitation - HELD THAT - There are no error in the order of the National Company Law Appellate Tribunal, Principal Bench, New Delhi in ASSAM TEA EMPLOYEES PROVIDENT FUND ORGANIZATION VERSUS MR. MADHUR AGARWAL, HAIL TEA LIMITED 2022 (11) TMI 403 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI where it was held that provident fund dues are not the assets of the Corporate Debtor and they have to be paid in full. Hence, the Appellant was clearly entitled for payment of full provident fund dues i.e. an amount of Rs. 2,10,13,798/-. Appeal dismissed.

Summary

The Supreme Court of India upheld the order of the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No 262 of 2022. The appeal was dismissed, and any pending application was disposed of.