SURESH NARAYAN SINGH Vs. TAYO ROLLS LIMITED

JUDGEMENT

(1.) The petitioner has filed this application under Section 9 of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as I & B Code ) read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to Adjudicating Authority Rules, 2016) for initiation of corporate insolvency process against corporate debtor, Tayo Rolls Ltd.

(2.) Brief facts of the case are the following:

(3.) The petitioner has stated that the respondent/corporate debtor Tayo Rolls Ltd. has applied for closure of their industrial undertaking under sub-section(l) of Section 25(0) of the Industrial Disputes Act, 1947. The proposed date of closure mentioned in the application was 6/12/2016. The petitioner had further stated that 182 workers covered by Payment of Wages Act, 1936 had filed individual claim cases for unpaid wages before the Labour Court, Jamshedpur, which was registered as P.W. Case No.l to 182 of 2017 and award was passed for Rs.2,19/83,760/- regarding unpaid wages and Rs.21,98,37,600/- for compensation .