Benefit Under Approved Resolution Plan By Nclt

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1. Context under IBC When a company undergoes Corporate Insolvency Resolution Process (CIRP) under IBC, the resolution plan is approved by the NCLT. Section 30(2) of IBC: The resolution plan may provide for payment to operational creditors (including employees and workmen), but it is subject to NCLT approval. Section 31: Once the NCLT approves the plan, it becomes binding on the company, its employees, and creditors. 2. Priority of Claims (Section 53 of IBC) Under IBC, liquidation order priority (if liquidation occurs) is as follows: Secured creditors (with a security interest) Workmen’s dues Employees’ dues Financial creditors Government dues So, labour dues have a preferential status—especially for workmen and employees.

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