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TMI Blog2019 (11) TMI 1563X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent No. 2 - Resolution Profession and Advocate Ms. Vanika Gupta for Respondent No. 1- successful Resolution Applicant. 2. This appeal has been filed by the Appellants claiming to be workers of the Corporate Debtor - Indus Fila Ltd. against the impugned order dated 10-5-2019 passed by the Adjudicating Authority (National Company Law Tribunal) Bangaluru Bench, Bengaluru in IA. No. 54 of 2019 in CP(IB) No. 136/BB/2017 whereby it is claimed that the Tribunal dismissed the Application of the Appellants and approved Resolution Plan. The Appellants claim that I.A. No. 54 of 2019 was filed claiming that they should be made party to the Company Petition and given opportunity to be heard with regard to the proposal of Resolution Plan and for dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fund and Wages including bifurcation of the amount due pertaining to the 24 months prior to the Insolvency Commencement dated 19th March, 2019 with regard to the 138 workmen and none out of the 5 employees." It was even held by the Adjudicating Authority in paragraphs 6 & 7 as under: .. "6. Therefore, I am satisfied that the grievances of the applicants were duly considered by the Resolution professional and CoC, in accordance with law. As per provision of Code, CIRP would be conducted by IRP/RP with CoC at the helm of affairs of Corporate Debtor, subject to overall superintending powers to be exercised by Adjudicating Authorities. All the decisions of CoC would be taken as per law and those decisions would be binding on Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequently due to the developments, the Resolution Professional has already filed an application under sections 60(5), 43(3) and other provisions of Insolvency and Bankruptcy Code, 2016 (in short 'IBC') and sought liquidation order as provided under section 43(3) of IBC which application is pending before the Adjudicating Authority. 6. Learned Counsel for the Appellants is relying on judgment in the matter of State Bank of India Vs. Moser Baer Karamchari Union & Anr.-Company Appeal(AT)(Insolvency) No. 396 of 2019 dated 19thAugust, 2019 wherein in paragraphs 23 to 25, this Tribunal has held as under: ... "23. This apart, as the provisions of the 'I&B Code' have overriding effect in case of consistency (sic-inconsisten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trust for any third party; (ii) bailment contracts; (iii) all sums due to any workman or employee from the provident fund, the pension fund and the gratuity fund; (iv) other contractual arrangements which do not stipulate transfer of title but only use of the assets; and (v) such other assets as may be notified by the Central Government in consultation with any financial sector regulator; (b) assets in security collateral held by financial services providers and are subject to netting and set-off in multi lateral trading or clearing transactions; (c) personal assets of any shareholder or partner of a corporate debtor as the case may be provided such assets are not held on account of avoidance transactions that may be avoided un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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