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Jet Airways insolvency proceeding’s
26-Jun-2023 (In Bankruptcy / Insolvency Law)
What is the priority list for payouts after insolvency or consolidation.
Where do employees stand in that.
I am a manager, Will I get my gratuity and other pending wages.
Is there any provision for compensation for employees in lieu of sudden closure of the company.
If I resign and leave the company at this stage when NCLT process has been initiated will I lose any benefits.
Please advise.
Under the Insolvency and Bankruptcy Code, employees and workmen are considered to be an operational creditor, and if the claim is related to the matter of employment, a petition can be filed before NCLT against the corporate debtors to resolve the issue.
If a company has not paid salary or wages to their employees or workmen, then the concerned employee and workmen can file a petition to NCLT for the recovery of their unpaid salary or wages.
If a company has not paid salary or wages to their employees or workmen, then the concerned employee and workmen can file a petition to NCLT for the recovery of their unpaid salary or wages.
Helpful?
Adv. Tushar Kumar
Delhi | 200+ Answers
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There is a fixed mechanism for apportionment of dues in case the company is liquidated. It would be relevant to see whether the resolution plan of the company is approved or is it liquidated. Only then your remedies can be advised.
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Adv. Tejasv Anand
Delhi | 100+ Answers
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