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Dec 31, 2022

NCLAT Holds That Provident Fund Dues of Workmen / Employees Are Not Assets of Corporate Debtor and Must be Paid in Full under Resolution Plan

In Assam Tea Employees Provident Fund Organisation, through an Authorised Representative v. Madhur Agarwal and Anr.,[1] the National Company Law Appellate Tribunal (‘NCLAT’), held that provident fund dues of workmen and employees are not the assets of the corporate debtor, and non-payment of the provident fund dues would render the resolution plan invalid.

 

[1] Assam Tea Employees Provident Fund Organization v. Madhur Agarwal and Anr., Company Appeal (AT) (Insolvency) No. 262 of 2022.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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