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TMI Blog2019 (7) TMI 1544X X X X Extracts X X X X X X X X Extracts X X X X ..... the requirements of section 9 (5) (i) (a) to (d) of the Code, the present petition is hereby admitted. Petition admitted - Moratorium declared. - Company Petition no. (IB)- 1218 (PB)/2018 - - - Dated:- 3-7-2019 - Chief Justice (Rtd.) M.M. Kumar, Hon'ble President Dr. Deepti mukesh Hon'ble Member (J) For Operational Creditor: Mr. Shlok Chandra, Mr. Ritesh Kumar Sharma, Advs. For Corporate Debtor: Mr.Karthik K.R., Mr. Ruchin Midha Mr. Lggu Chititappa, Advs. ORDER M.M. Kumar, 1. This is an Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rule') with a prayer to admit the company petition for initiation of Corporate Insolvency process in respect of respondent corporate debtor. 2. The petitioner Dr. Amit Sachdeva, is a person individual resident of Tower B-1201 Omaxe Forest Spa Sector 93 B NoidaUttar Pradesh- 201301. 3. The Respondent Axiss Dental Private Limited, bearing CIN No. U85120DL2007PPC170348 is incor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the previous financial year; and (ii) bonus of the previous financial year received subject to the terms of the Shareholder's Agreement' Reimbursement of Business Expenses: Business Expenses will be reimbursed on production of bills/receipts up to ₹ 16,000 per month: and Bonus: After FY 2013, the Employee shall be entitled to a performance bonus of up to 10% for each subsequent Financial Year, subject to the terms of the Shareholders' Agreement. 6. It is pointed out that the Corporate Debtor failed to pay salary to the Operational Creditor for the months of February 2018 and March 2018 amounting ₹ 4,50, 167/- and Rs. (after deducting TDS) respectively. 7. It is also pointed out that the Operational Creditor addressed various requests to the Corporate Debtor via emails dated 24.03.2018, 29.03.2018, 12.04.2018 and 28.05.2018, to release the salary for the month of February, 2018 and March, 2018 and it was assured by the representative of the Corporate Debtor that all dues along with salary would be paid to Operational Creditor. However, Corporate Debtor failed to take any steps. 8. It is further pointed out th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; Operational creditor has also been defined at section 5(20) as follows: Operation Creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred . 16. From the definition of Operational creditor and Operational Debt , it can be seen that the respondent through employment agreement itself agreed about the remuneration to be paid to the applicant by the respondent and the claim of outstanding payments to applicant comes within the definition of Operational Debt. There being default in payment of claimed amount, and the respondent has failed to establish the fact that there is a pending dispute between the parties in respect of the amount claimed, such application deserves to be admitted for triggering Corporate Insolvency Resolution Process against the respondent corporate debtor. 17. In compliance of Section 9 (3) (b) an affidavit confirming that no letter of dispute has been received by the petitioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with utmost dedication, honesty and strictly in accordance with the provisions of the 'Code', Rules and Regulations. It is further made clear that all the personnel connected with the Corporate Debtor, its promoters or any other person associated with the Management of the Corporate Debtor are under legal obligation under Section 19 of the Code to extend every assistance and cooperation to the Interim Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation, the Interim Resolution Professional would be at liberty to make appropriate application to this Tribunal with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 23. The office is directed to communicate a copy of the order to the Operational Creditor, the Corporate Debtor and the Interim Resolution Professional at the e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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