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TMI Blog2019 (2) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... The amount due is with reference to the penal damages as M/s POL, the original company became sick and MRS was approved by BIFR. The CPFC may take appropriate decision and communicate the same. So with these observations, the Petition can be disposed of:- (a)The CPFC i.e. Central Provident Fund Commissioner to consider if the Application filed by Petitioner seeking waiver of penal damages basing on the approved MRS which was sanctioned by BIFR, if pending and decide expeditiously. (b)If no Application is pending as contended in the counter, the CPFC is directed to inform the Petitioner of the same and further direct the Petitioner to file fresh Application for waiver for consideration so as to enable the Petitioner to take appropriate decision basing on the order to be passed by Central Provident Fund Commissioner on the Application filed for waiver. - CP (IB) No. 29/31/HDB/2018 - - - Dated:- 11-12-2018 - SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For the Applicant. : Shri C. Sudhir Babu, PCS For The Respondent : Shri G. Venkateshwarlu, Advocate ORDER 1. This Petition is filed under Section 31 of IBC, 2016 by SMS Lifesciences India Ltd (Petitioner) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , if any, would be implemented by the concerned agencies, and their implementation would be monitored by the Company and the Company may approach BIFR, in case of any difficulty faced by the Company in implementing the unimplemented provisions of the Sanctioned Scheme (MS-08) . (5) It is averred that the Regional Provident Fund Commissioner -II of Employees' Provident Fund Organization sent a letter dated 08.01.2014 to BIFR, New Delhi confirming that Establishment has paid the PF dues up to 11/2013 and remitted the penal interest u/s 7Q and Penal Damages payable by the Establishment up to the period of 12/2007 is ₹ 7,52,424/- and requested BIFR to make provision for payment of the said amount while considering the rehabilitation package. The Rehabilitation Scheme was a Modified one which was approved way back on 28.08.2008 and no further revision was made in the Scheme, as such the earlier Scheme was binding. (6) It is averred that in the meantime on 13.02.2014, the Recovery Officer, EPFO/Respondent-4 attached the building and land of the SMS Pharmaceuticals Ltd at Sy. No. 296/7/4, IDA, Bollarum, Hyderabad for the above amount and also attached Bank Account No. 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o serve the copy of MA No.141/2014 to PF Dept within a period of one week. Thereafter, PF Dept to file reply thereon within a further period of two weeks with copy to the Company. One representative from PF Dept to be present at the next date of hearing. (ii) The next date of hearing in MA No. 141/2014 is fixed on 05.09.2016. Pursuant to above directions, SMS Pharmaceuticals Ltd served a copy of MA No. 141/2014 vide letter dated 12.09.2016 on the PF Dept. (10) It is the case of Petitioner that the hearing scheduled on 05.09.2016 did not take place and meanwhile Central Govt, vide Gazette Notification dated 25.11.2016 dissolved BIFR and AAIFR and proceedings pending before these Bodies stands abated. However, now this Tribunal is the appropriate Authority to deal with the removal of the difficulties, monitoring, review of the Sanctioned Scheme passed by BIFR and now deemed as approved resolution plan of this Tribunal. 3. Counter is filed on behalf of Respondents 1 4. Averments in brief are as under:- (1) It is contended that waiver of damages is not within the Authority of BIFR and that Central Board of Trustees/Respondent No.3 herein is the recommending Authority a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al company and it was duly registered with BIFR as case No. 133 of 1998. It is the case of Petitioner that Board for Industrial and Financial Reconstruction (BIFR) approved modified rehabilitation scheme on 28.08.2008 under which package of reliefs were given including merger of Plant Organics Ltd (POL) with SMS Pharmaceuticals Ltd (Demerged Company). The case of Petitioner, POL was merged with SMS Pharmaceuticals Ltd and it was known as Unit-V. Subsequently this Unit along with other two Units merged with Demerged Company SMS Pharmaceuticals Ltd and formed into SMS Life Sciences (I) Ltd, the Petitioner herein/Resulting Company as per orders of this Tribunal. Thus, POL is now with the Resulting Company. The Company being Transferee Company by virtue of merger of POL is seeking reliefs by virtue of Modified Rehabilitation Scheme (MRS). In this connection Learned PCS has filed copy of sanctioned Scheme of BIFR dated 28.08.2008. It is shown as Annexure-I. PCS also relied on Annexure-2. The copy of the order passed by this tribunal approving the demerger into Resulting Company, the Petitioner herein. 6. The next contention of the Petitioner that MRS approved by BIFR consisted of cer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able property of the Company for recovery of penal damages. The order of Hon'ble High Court is marked as Annexure-2. While disposing of the writ petition, Hon'ble High Court directed SMS Pharmaceuticals Ltd, the Transferee Company to make Application before Central Provident Fund Commissioner-cum-Secretary of the Central Board seeking waiver of penalty/damages by attaching a copy of MRS approved by BIFR. 10. It is the case of Applicant that SMS Pharmaceuticals Ltd, has filed Application/request letter before CPFC cum-Secretary, New Delhi for waiver of ₹ 7,52,424/- being penal damages. Therefore, the present petition is filed to give appropriate directions to the Respondents for waiver of damages and for vacating attachment order in respect of immovable property and in respect of Bank account. 11. The case of Respondents that waiver for penal damages is subject to the provisions of the Act. There is a prescribed procedure before taking a decision on grant of waiver of damages. It is stated Central Office informed to their office that there was no Application pending for waiver of damages found in Head Office. When the case was being called from time to time, it i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tition is filed. Hon'ble HC in the order directed the Petitioner to file an Application before Central Provident Fund Commissioner cum Secretary of the Central Board seeking waiver basing on the MRS and if such Application is filed, Authorities to consider the same according to law and communicate the order if any passed. Thus, already there was a direction to the Central Provident Fund Cum Secretary to consider the waiver in terms of MRS and communicate the orders, if any passed. 16. In the counter filed on behalf of Respondents 1 4, it is alleged that in the office no application for waiver is pending or found. However, when the matter is pending before this Tribunal it was brought to the notice of the Tribunal that request for waiver is pending for consideration. If it is pending, then the Central Provident Fund Commissioner cum Secretary to process it expeditiously and communicate the order if any passed thereon to the Petitioner since order of attachment over the immovable property is pending and also lien is pending in the account. The CPFC to consider the request of the Petitioner. In the light of the Scheme approved by the BIFR and pass suitable order. However, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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