KELVIN JUTE LIMITED Vs. CENTRAL BOARD OF TRUSTEES FOR THE EMPLOYEES PROVIDENT FUND ORGANISATION

JUDGEMENT

(1.) The instant appeal has been filed against an interim order dtd. 12/2/2015 passed by the Single Bench of this Court. By the said order, the Single Bench directed unconditional stay of the orders passed under Sec. 14B of the Employees' Provident Fund & Miscellaneous Provisions Act, 1952 on the condition that they will secure the demand by depositing the sum due with the Registrar General of this Court.

(2.) Initially, when the appeal was filed, a coordinate Bench had passed an interim order restraining the respondents from making any coercive steps against the appellants.

(3.) Mr. Soumya Majumder, learned senior counsel appearing for the appellants would argue that the company was under a revival under the provision of the Sick Industrial Companies (Special Provisions) Act 1985. The BIFR sanctioned a scheme on 28/9/2011 for revival of the company. Clause 15.3 of the said scheme provided that the EPF authority would accept principal dues of Rs.348.66 lacs in 84 equated monthly installments without any interest from 1/4/2011. The entire interest, past and future, was to be waived, upon payment of the aforesaid sum of Rs.348.66 lacs.