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TMI Blog2019 (10) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... s. It is established that there is an operational debt as per section 5(21) of the Code, 2016 and default of more than Rupees One Lakh is proved. The corporate debtor has not placed any document on record to establish the pre-existing dispute - it is observed that no dispute was in existence before the receipt of Demand Notice - application has been filed well within limitation. The application is complete hence deserves to be admitted. Application admitted - moratorium declared. - CP (IB) No. 4538/MB/2018 - - - Dated:- 10-10-2019 - V.P. Singh, Judicial Member And Rajesh Sharma, Technical Member For the Applicant : Vishal G. Jain, CA For the Respondent : Prathamesh Bhargude, Adv. and Ranjit D. Shinde ORDER V.P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e work allotted to him and handing over the work vide email dated 15-4-2017, the corporate debtor failed to clear his dues. The Table of computation of the default claimed is reproduced hereinbelow. Gross Salary for March 2017, due on 10-4-2017 ₹ 2,50,000/- Gross Salary for April 2017 due on 10-5-2017 1,25,000/- Annual performance Incentive due on 10-5-2017 6,00,000/- Liquidated Damages, 3 months basic pay @ 1,00,000/- or part thereof. (Part= Ratio of 14 days short served to 60 days notice, period (25 days short served less 11 days PL) 70,000/- Total amount in defau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice, and therefore the Corporate Debtor is not liable to make the said payment. Further, it is not the Corporate Debtor, but the Company has suffered losses due to the Applicant's inefficiency. However, it appears to be an afterthought to deny the Applicant his salary for the period he has worked. 11. We have heard the parties and perused the record. 12. On perusal of the appointment Letter of the Applicant along with the Salary Structure; the Resignation relating Email; the Reply Email and the Email reminders issued by the Applicant seeking his dues; it appears that the Corporate Debtor's has spurious defence to show an existing dispute, which is an attempt to deny an employee his legitimate dues. 13. It is establis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant has proposed the name of Mr. Anurag Jain a registered insolvency resolution professional bearing Registration No. (IBBI/IPA-001/IP-P01049/2017-18/11732) to act as Interim Resolution Professional, to carry out the functions as mentioned under I B Code along with declaration of the proposed IRP, in Form 2, that no disciplinary proceeding is either pending or initiated against him. 16. The Application under section 9 of I B Code, 2016 filed by the Operational creditor for initiation of CIRP in prescribed Form No. 5, as per the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and is complete. The existing operational debt of more than rupees One lakh against the corporate debtor and its default is also prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interrupted during the moratorium period. III. That the provisions of sub-section (1) of section 14 of I B Code shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. IV. That the order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of I B Code or passes an order for the liquidation of the corporate debtor under section 33 of I B Code, as the case may be. V. That the public announcement under section 13 of the I B Code regarding initiation of corporate insolvency resolution process should b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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