{"id":212419,"date":"2019-03-26T17:22:51","date_gmt":"2019-03-26T11:52:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=212419"},"modified":"2019-04-04T17:21:52","modified_gmt":"2019-04-04T11:51:52","slug":"nclt-provident-fund-dues-pension-funds-and-gratuity-fund-dues-cannot-be-recovered-under-the-waterfall-mechanism","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/26\/nclt-provident-fund-dues-pension-funds-and-gratuity-fund-dues-cannot-be-recovered-under-the-waterfall-mechanism\/","title":{"rendered":"NCLT | Provident Fund dues, Pension Funds and Gratuity Fund dues cannot be recovered under the \u2018Waterfall Mechanism\u2019"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>National Company Law Tribunal, New Delhi: <\/strong>The Bench of M.M. Kumar, Chief Justice (Retd.), President and S.K. Mohapatra, Member (Technical) disposed of an application while making it clear that,<\/p>\n<p style=\"text-align: justify;\"><strong>\u201cProvident Fund dues, Pension Funds and Gratuity Fund dues are not treated as a part of the liquidation estate and would not, therefore, be recovered by Section 53 of the Code which provides for waterfall mechanism.\u201d<\/strong><\/p>\n<p style=\"text-align: justify;\">Factual matrix of the case:<\/p>\n<p style=\"text-align: justify;\">The present application has been filed by the workmen of Moser Baer India Ltd. which is going into liquidation. Workmen of the company have filed the present application in order to seek directions to be issued to the liquidator for excluding the amount due to them towards provident fund, pension fund and gratuity fund from the waterfall mechanism envisaged under Section 53 of the Insolvency and Bankruptcy Code, 2016 and pay them under the stated heads.<\/p>\n<p style=\"text-align: justify;\">Further directions have also been sought to pay the dues to the workmen in accordance with Section 25FFF of the Industrial Disputes Act, 1947.<\/p>\n<p style=\"text-align: justify;\">The Tribunal on keeping in consideration the facts and circumstances of the case, stated that, <strong>\u201cthere is a basic flaw in the reasoning adopted by the liquidator as under Section 36(4)(a)(iii), the expression \u2018liquidation estate\u2019 has been defined and clarified that \u2013 all sums due to any workman or employee from the provident fund, pension fund and gratuity fund, were not to constitute and included in the expression \u201cliquidation estate assets\u201d.\u00a0 <\/strong>Coram also stated that, once the above mentioned three heads do not constitute a part of the liquidation estate, we fail to understand as to how Section 53 could be invoked along with its explanation. Therefore<strong>, the amount mentioned of the workmen dues cannot be a part of liquidation estate assets<\/strong>.<\/p>\n<p style=\"text-align: justify;\">Relying on the case of <em>Asset Reconstruction Company (India) Ltd. v. Precision Fasteners Ltd., <\/em>the bench stated that liquidator has unnecessarily taken a perverse view. The order was concluded by stating that <strong>\u201cIf there is any deficiency to the Provident Fund, pension Fund and Gratuity Fund, then the liquidator shall ensure that the fund is made available in the aforesaid accounts, even if their employer has not diverted the requisite amount.\u201d <\/strong>Tribunal disposed of the application and asked the needful to be done in 2 weeks preferably. [Alchemist Asset Reconstruction Co. Ltd. v. Moser Baer (India) Ltd., <a href=\"http:\/\/scconline.com\/DocumentLink\/jA3b3d08\"><b>2019 SCC OnLine NCLT 118<\/b><\/a>, Order dated 19-03-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>National Company Law Tribunal, New Delhi: The Bench of M.M. Kumar, Chief Justice (Retd.), President and S.K. Mohapatra, Member (Technical) disposed of <\/p>\n","protected":false},"author":8808,"featured_media":162604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[34532,34535,34534,34531,34530,34533,34529],"class_list":["post-212419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-gratuity-fund","tag-liquidation-estate-assets","tag-liquidator","tag-pension-funds","tag-provident-fund-dues","tag-section-53-insolvency-and-bankruptcy-code-2016","tag-waterfall-mechanism"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLT | Provident Fund dues, Pension Funds and Gratuity Fund dues cannot be recovered under the \u2018Waterfall Mechanism\u2019 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/26\/nclt-provident-fund-dues-pension-funds-and-gratuity-fund-dues-cannot-be-recovered-under-the-waterfall-mechanism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT | Provident Fund dues, Pension Funds and Gratuity Fund dues cannot be recovered under the \u2018Waterfall Mechanism\u2019\" \/>\n<meta property=\"og:description\" content=\"National Company Law Tribunal, New Delhi: The Bench of M.M. 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stated heads.","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-383.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":218449,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/21\/nclat-pf-pension-fund-and-gratuity-fund-does-not-come-within-the-meaning-of-assets-of-corporate-debtor-for-distribution-under-s-53-ibc\/","url_meta":{"origin":212419,"position":1},"title":"NCLAT | PF, Pension Fund and Gratuity Fund does not come within the meaning of Assets of Corporate Debtor for distribution under S. 53 IBC","author":"Bhumika Indulia","date":"August 21, 2019","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) decided an appeal including the following question for consideration: \u201cWhether the Provident Fund, Pension Fund and Gratuity Fund come within the meaning of assets of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":239625,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/25\/nclt-any-shortfall-in-gratuity-payable-to-employees-has-to-be-made-over-by-rp-and-payment-of-dues-has-to-be-paid-outside-waterfall-mechanism\/","url_meta":{"origin":212419,"position":2},"title":"NCLT | Whether Resolution Professional is under obligation to make over payment of shortfall in gratuity payable to employees? NCLT examines","author":"Bhumika Indulia","date":"November 25, 2020","format":false,"excerpt":"National Company Law Tribunal (NCLT):\u00a0The Coram of Dr Deepti Mukesh (Judicial Member) and Sumita Purkayastha (Technical Member), reiterated that any shortfall in gratuity payable to employees has to be made over by the Resolution Professional and payment of dues has to be paid outside the waterfall mechanism provided under Section\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":276123,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/10\/24\/non-payment-of-full-provident-fund-and-gratuity-violative-of-s-302e-ibc-nclat-directs-jet-airways-to-make-payments\/","url_meta":{"origin":212419,"position":3},"title":"Non-payment of full provident fund and gratuity violative of S. 30(2)(e) IBC; NCLAT directs Jet Airways to make payments","author":"Editor","date":"October 24, 2022","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Appellate Tribunal, Delhi: In a batch of appeals filed challenging order dated 22-06-2021 passed by the National Company Law Tribunal (NCLT), Mumbai approving the Resolution Plan submitted by \u2018Jalan Fritesch Consortium\u2019 with respect to the Corporate Debtor - \u2018Jet Airways (India) Limited\u2019 on various grounds\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":294785,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/06\/16\/explained-supreme-court-verdict-on-constitutionality-of-section-3277-of-companies-act-legal-news\/","url_meta":{"origin":212419,"position":4},"title":"Explained | Supreme Court&#8217;s verdict on constitutionality of Section 327(7) of Companies Act vis-\u00e0-vis preferential payment of dues to workers after liquidation","author":"Apoorva","date":"June 16, 2023","format":false,"excerpt":"The Supreme Court said that it cannot adopt a doctrinaire approach. 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