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What are the challenges being faced by the management

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Question - Twenty Century Ltd. is a listed company manufacturing the industrial tools for Cement, Sugar, Hospitals, Metal industries across India. Recently the Company is not doing well on financial front, hence they were unable to pay 6 month's salary and wages of their employees and contract laborers. The total dues are approx. Rs15 crore.

The Employee Union is planning to file an application under IBC against the Employer. Can you advise them in this regard as per IBC and Industrial Dispute Act provisions?

How the employee's claim is different from other creditor's claims?

What are the challenges being faced by the management while restructuring the employee's claims?

Reference no: EM133099845

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