NCLT Orders PF Deduction from Ballarpur Creditors

NCLT Mumbai directs Finquest SRA to deduct Rs 20.33 crore PF/gratuity dues from debenture redemption payments to Ballarpur's financial creditors.
Deduction amount to be proportional to creditors' voting share and deposited in no-lien FD with IDBI Bank at senior citizen rates.
Interim order implements NCLAT's July 2024 ruling that employee dues must be borne by financial creditors per resolution plan.
Matter adjourned to July 20, 2026 for further consideration of rival contentions on additional voluntary settlement liabilities.