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Outstanding Employee Claims upon Dissolution of Company
12-Nov-2023 (In Bankruptcy / Insolvency Law)
I have been an employee of a company that wound up. Was asked to submit an affidavit with pending salary and other claims which was complied with. I recently received an intimation from the NCLT appointed IRP that realisation from assets of the company were not sufficient to meet the claims of financial creditors fully. Hence the the claims of Operational Creditors, including employees cannot be met. The H'ble NCLT, Bangalore has passed an order for dissolution. My claims pending since three years are a significant amount. What legal recourse do I have in such a situation? Pl help!
file your claim before the IRP and accordingly once the secured creditors claims are met with the IRP will then seek claims of the employees of the company and once you stake claim upon the same your dues will be paid..
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Adv. Garima Anil Mehrotra
Mumbai | 500+ Answers
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