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TMI Blog2020 (6) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the Respondent, wherein Clause '9' says that the Agreement will be governed by the laws of India. For an aggrieved party, knocking at the doors of Judiciary would be last resort. Such party should exhaust alternative remedy available by virtue of Agreement(s) they themselves have voluntarily executed and the terms and conditions in those Agreement(s) would bind them - In the instant case, approaching this Adjudicating Authority is not only the remedy available for the Petitioner as per the terms of agreement. It is a settled position of law that the provisions of the Code cannot be invoked to settle the dispute(s) or to recover the alleged outstanding amount. The mere acceptance of the debt in question by the Respondent would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 'Respondent/Corporate Debtor') was incorporated on 13.09.2007, under the Companies Act, 1956 with CIN: U01131KA1997PLC022393 having its registered office at Plot No. 19 E F, Bidadi Industrial Area, 2nd Phase, Sector 1 Talakuppa Village, Bidadi, Ramanagar - 562109. The Nominal/Authorised Share Capital of the Company is ₹ 5,00,000/- divided into 50,000/- equity shares of ₹ 10/- each. The main objects of the Company are interalia engaged in the business of manufacturers, traders, services, importers, exporters, dealer, agents, research and developments of all kinds and types of additives lubricant additives Research, development and Manufacturing etc. (2) The Operational Creditor was an employee of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor in good faith hoping that the crisis would be resolved and they would receive their rightful dues. The Operational Creditor repeatedly tried his best to express their grievance and loss due to non-payment of salary through various meetings, however without understanding his grievances, the Corporate Debtor started prolonging the payment of salary dues on one or other reasons and despite of repeated request, till date they have not come forward to make payment of the salary. (5) Further the Operational Creditor suffered a huge loss as they are unable to find new jobs without proper and legal reliving letter from the Corporate Debtor and due to non-payment of salary the Operational Creditor and their families been virtually ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahesh. M, the Learned Counsel for the Petitioner, while reiterating various averments made in the company petition, as briefly stated supra, has further submitted that the Petitioner being an small employee living on the salary, has no other remedy except to approach this Adjudicating Authority hoping instant justice. The engagement of the Petitioner as an employee, and the salary due from the Respondent is not at all in dispute. The Petitioner tried his level best to recover the salary due before invoking the provisions of the Code seeking to initiate CIRP against the Respondent. Further, the Respondent has committed a similar defaults in respect of the several employees, who have filed cases against it. The Adjudicating Authority may tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... utomatically entitle the Petitioner to invoke the provisions of the Code, unless the debt and default is undisputed and proved it to the satisfaction of the Adjudicating Authority. As per the copy of Annual Returns for the Financial year 2017-18, filed by the Petitioner in respect of the Respondent Company, its turnover and net worth are ₹ 103,322,162 and ₹ 1,325,365,853/respectively. Therefore, the Respondent Company prima facie appears to be solvent Company so as to resolve the issue of outstanding amount in question. 7. The Adjudicating Authority, has disposed of similar cases by-separate orders viz. C.P. No (IB) No. 62/BB/2020, C.P. (IB) No. 66/BB/2020, and other, filed U/s 9 of the Code, on similar facts, we are inclined ..... X X X X Extracts X X X X X X X X Extracts X X X X
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