Manpreet (Manager) 14 February 2015

Winding up petition - non payment of salaries

Dear learned members,

At first , Thanx to the learned members of this forum who advised us to file winding up petition.

Corporate power limited (Abhijeet group) hasbeen issued winding up petition by kolkata HC.Now one of share holder of the company has filled a application/objection against the winding up order,to be heard next week.

Various share holders in in the company

1. A - 51% - Also facing winding up petition by ex employee for non payment of salaries-To be heard next week

2. B - 48%- Moved application challenging the winding up order - Also facing winding up - Pending in Kolkata HC

3. C- 1% - Promoter

There are various companies of the group facing winding up and almost all have cross holdings.

My questions :

1. What can be the future course of action for the ex employees to recover their money ?

2. What can be the expense for the execution of the winding up order issued by Kolkata HC for corporate power limited.

I have also pasted the news links below for understanding the case

https://timesofindia.indiatimes.com/city/nagpur/APL-comes-to-CPLs-rescue-both-from-Abhijeet-Group/articleshow/46222237.cms

https://timesofindia.indiatimes.com/city/nagpur/CPL-liquidation-may-not-hurt-promoter-Manoj-Jayaswal/articleshow/46238580.cms

https://timesofindia.indiatimes.com/city/nagpur/Liquidation-process-of-Abhijeet-Group-assets-to-begin-today/articleshow/46205222.cms

https://timesofindia.indiatimes.com/city/nagpur/Calcutta-HC-orders-winding-up-of-Abhijeet-Group-company-over-employees-dues/articleshow/46138081.cms

https://timesofindia.indiatimes.com/city/nagpur/Abhijeet-Group-offers-to-pay-staff-to-prevent-winding-up/articleshow/45917015.cms

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2 Replies

Kumar Doab (FIN) 14 February 2015

The following is the recent publication hinted by you.

As per it the assets were to be taken over bu Thursday i.e. 12th Feb (date of publication of following news) or 19th.............and might have been taken over by now.........

The court shall examine everything including cross holdings, efforts of revival etc.......

The payouts to govt.Taxes, TDS, etc are also involved and court shall decide the matter.......

You seem to having engaged good lawyers and they are best place to advise you.....

The advise of experts is welcome!

https://timesofindia.indiatimes.com/city/nagpur/Liquidation-process-of-Abhijeet-Group-assets-to-begin-today/articleshow/46205222.cms

TNN | Feb 12, 2015, 03.04AM IST

Nagpur: The official liquidator has issued a notice to Corporate Power Limited (CPL), a company under the Abhijeet Group for taking over its assets. This comes after the winding up order was passed against this company by the Calcutta High Court last week. The winding up petition was filed by a former employee of CPL to recover the unpaid dues.
The notice says that possession of the assets will be taken over on Thursday and the company's representatives will have to remain present for identifying the assets. The liquidator will be reaching the company's registered office at Kolkata. Once the assets are taken over, the liquidator can begin the process for sell-off. The proceeds are to be distributed according to the prescribed order of creditors. Meanwhile, the company plans to challenge the winding up orders on the grounds that attempts are under way to revive the business. CPL is one of the key companies under the Abhjieet Group and was coming up with power plants in Jharkhand.