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TMI Blog2018 (7) TMI 2362X X X X Extracts X X X X X X X X Extracts X X X X ..... tage of Rs.5.70 Crore in the said Fund. How such shortage in Gratuity Trust Fund has occurred and who is to make good of such amount and the competent authority, who is to ensure that the amount is paid to the ex-employees/workmen/officers of the Corporate Debtor to the extent they are entitled as per their share and law, could not be decided by the Adjudicating Authority or this Appellate Tribunal in the Company Petition or in this appeal. Any decision of the Adjudicating Authority relating to the 'Gratuity Trust Fund' or observation made in the impugned order dated 8th March, 2018 should be treated as mere observation not binding on the Competent Authority or any Court of Law. In view of the fact that the 'Gratuity Trust Fund' has not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment of dues of Creditors in terms of Section 53 of the I&B Code. Learned counsel for the Appellant rightly submitted that the gratuity, which is in the Gratuity Trust Fund accrued under the Gratuity Act belongs to the employees/workmen of the Corporate Debtor. Therefore, it cannot be disbursed to any other Creditor. It was alleged that out of Rs.27 Crore of asset of the Corporate Debtor which was existing prior to liquidation Rs.16 Crore has been paid in favour of the Secured Creditors. 3. Notice was issued on the question as to whether the gratuity amount lying in the 'Gratuity Trust Fund' can be treated to be asset of the Corporate Debtor. Mr. Vinod Kothari, Liquidator appeared in person and took plea that 'Gratuity Trust Fund' of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken by the Liquidator, who has clearly stated that the gratuity amount of the employees/workmen lying in the 'Gratuity Trust Fund' has not been treated as asset of the Corporate Debtor. The details relating to the Fund have been shown but we find that there is a shortage of Rs.5.70 Crore in the said Fund. How such shortage in Gratuity Trust Fund has occurred and who is to make good of such amount and the competent authority, who is to ensure that the amount is paid to the ex-employees/workmen/officers of the Corporate Debtor to the extent they are entitled as per their share and law, could not be decided by the Adjudicating Authority or this Appellate Tribunal in the Company Petition or in this appeal. 5. Any decision of the Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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