9911796707
TMI Blog2020 (3) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... Technology Ltd. (in short, the respondent/corporate debtor) under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short, the IB Rules, 2016). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition as under : (a) That the petitioner was offered the position of "executive director" by the corporate debtor. In the offer letter dated March 16, 2015 it is stated that the petitioner's annual salary would be Rs. 1,00,00,000 and also included employee stock options and preferential allotment of shares at Rs. 15 per share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e directors and corporate debtor. * Letter from operational creditor to managing director. * Correspondence regarding ESOP allocation. * Resignation letter of the operational creditor. * Reconciliation statement. * Copy of notice issued by the operational creditor. * Certified bank statements of the operational creditor regarding payment. * Copy of balance-sheets of the corporate debtor. 3. Learned counsel for the corporate debtor filed counter and written sub-missions, inter alia, stating as under : (i) That the corporate debtor herein deny that they are liable to pay a sum of Rs. 1,71,32,000 along with interest as claimed by the petitioner herein. (ii) That vide letter of offer dated March 16, 2015 the operational credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of his continuation as whole-time director. The resolutions and directors report attached to balance-sheet and profit and loss account of the corporate debtor for the financial year ending March 31, 2015 discloses the remuneration fixed for Shri Raghav Beeram only at Rs. 30,99,998 per annum. (v) That the applicant herein vide his letter dated May 10, 2016 sub mitted his resignation letter from the post of whole-time director and continued to act as a director of the corporate debtor. The said resignation was accepted by the board of directors of the corporate debtor in its meeting held on May 11, 2016 passing a resolution relieving him from the duties of whole-time director and to continue him as a director with effect from May 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of directors and members of the corporate debtor. Further, the applicant is claiming salary for the period from May, 2015 to August, 2017 in spite of the fact that he resigned from the respondent-company from the post of whole-time director with effect from May 11, 2016 and received sitting fee at Rs. 9,000 for each meeting with effect from August 11, 2016 to March 30, 2017. Thereafter, the applicant received salary from April 1, 2016 till August, 2017 from Enhops Solutions P. Ltd. (x) That in response to the notice dated April 6, 2018 received in Form 3 from the applicant, the respondent-company vide reply dated April 28, 2018 has brought to the notice of the applicant that the corporate debtor does not owe any amount or shares to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fits of his division as incentive at the end of the year and that the total amount of Rs. 1,64,05,838 (Rs. 1,71,32,000 + Rs. 6,23,838 -Rs. 13,50,000) was due and liable to be paid by the corporate debtor. 7. From the perusal of the documents it is observed that the applicant herein was duly present in the meeting dated May 29, 2015 wherein a resolution to consider his appointment on a remuneration of Rs. 30,99,998 per annum for a period of 3 years with effect from May 7, 2015 was confirmed and the same was not denied. Further the applicant also continued to work as a whole-time director of the corporate debtor on the same salary/remuneration until he himself resigned from the post of the whole-time director on May 10, 2016 and continued as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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