New Delhi, The NCLAT has dismissed an appeal by a former employee of Duncans Industries seeking priority payment of his gratuity and leave encashment dues by classifying them as insolvency resolution process costs.
A three-member bench upheld the earlier order passed by the Kolkata Bench of the National Company Law Tribunal (NCLT), which in September 2024 dismissed the plea of a former director of the previous management of Duncans Industries.
The appellate tribunal said such dues must instead be settled as per the company’s approved resolution plan.
“IRP cost essentially means…