IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

KOCHI

IA(IBC)/321/KOB/2022

IN

IBA/21/KOB/2019

(Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of

NCLT Rules, 2016))

In the matter of:

Regional Provident Fund Commissioner-II, Employees Provident Fund

Organization, Regional Office, Adithya, Sabari Tower, Post Office Road,

Thirunakkara, Kottayam,Kerala- 686 001;

… Applicant

-Versus-

Jasin Jose, Interim Resolution Professional (IRP), 5D, Skyline Riverscape,

Thottumugham, Aluva, Kerala- 683 101. Email: cajasinjose@gmail.com;

… Respondent

-And-

In the matter of:

The South Indian Bank Limited;

… Financial Creditor

-Versus-

Churakulam Tea Estates Pvt. Limited.

… Corporate Debtor

Coram:

Shri. P. Mohan Raj :

Member (Judicial)

Shri. Satya Ranjan Prasad :

Member (Technical)

Appearance through Video Conferencing

For Applicant

:

Mr. Sanjeevkumar K.Gopal,

Mrs. Aswathy Babu, Advs.

For Respondent :

M/s. A.V. Thomas Associates,

Advocates.

Order reserved on: 03.11.2022

Order pronounced on: 02.12.2022

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/321/KOB/2022

IN IBA/21/KOB/2020

In re: The South Indian Bank Ltd. Vs. M/s. Churakulam Tea Estates Pvt. Ltd.

Page 2 of 10

O R D E R

1. The present application is filed by the Regional Provident Fund

Commissioner-II, under Section 60 (5) of the Insolvency and Bankruptcy

Code, 2016 (hereinafter referred to as the "Code") read with Rule 11 of NCLT

Rules, 2016 seeking the following reliefs: -

a) To reimburse Rs. 7,71,312/- deducted from the dues of the EPFO towards the

Liquidation fee and other Liquidation costs forthwith.

b) Direct the Respondent to sanction and disburse a sum of Rs. 54,42,332/- towards penal

damages and interest for the period from 30.06.2021 to 22.08.2022 forthwith.

2. The facts as narrated in the application and explained by the Applicants are

summarized hereunder:

i.

M/s Churakulam Tea Estate Pvt. Ltd. Idukki is an establishment

covered under the Employees Provident Fund and Miscellaneous

Provisions Act with the Regional Office, Kottayam with EPF

Code No.KR/KTM/407. It is submitted that the Respondent vide

his e-mail dated 26.07.2021 forwarded the copy of the order dated

30.06.2021 of this Tribunal ordering the Liquidation of M/s.

Churakulam Tea Estates Pvt. Limited and directed to forward the

claim of the EPFO to the Respondent. Accordingly, the EPFO,

Kottayam forwarded their claim on 07.09.2021 in Form C

claiming an amount of Rs.1,30,68,610/-. Thereafter a revised

claim was sent to Respondent based on Enforcement Officers

Report including the PF dues for the period from 04/2019 to

7/2021 for Rs.46,82,469/- and arrived penal damages and interest

under Section 7Q for the outstanding 7A dues for the entire period

as Rs.1,70,81,612/- by taking the notional date of remittance as

31.12.2021. The total amount claimed under the revised claim is

Rs.4,13,83,848/-.

IN THE NATIONAL COMPANY LAW TRIBUNAL

KOCHI BENCH

IA(IBC)/321/KOB/2022

IN IBA/21/KOB/2020

In re: The South Indian Bank Ltd. Vs. M/s. Churakulam Tea Estates Pvt. Ltd.

Page 3 of 10

ii.

It is submitted that with respect to the penal damages for

Rs.62,59,791/- assessed against the Corporate Debtor for the

period from 3/2002 to 11/2012, an appeal was pending before the

CGIT as appeal No.495/2019 which was disposed of by the CGIT

vide Order dated 16-03-2022. The CGIT scaled down the damages

to 70%. So, the damages to be collected based on this order is

Rs.43,81,854/-. This matter was informed to the Respondent vide

letter dated 11.08.20