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TMI Blog2021 (5) TMI 305X X X X Extracts X X X X X X X X Extracts X X X X ..... r thought and was not submitted by any documentary evidence. The Operational Creditor is yet to receive his salary dues from the Corporate Debtor. The submissions made by the Corporate Debtor is not convincing and accordingly the application for CIRP of the Operational Creditor has been admitted. Application admitted - moratorium declared. - CP (IB) No. 173/9/HDB/2020 - - - Dated:- 26-4-2021 - Bhaskara Pantula Mohan, Member (J) and Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Naresh Kumar Sangam, Advocate For the Respondents : G. Bhupesh and Chinta Mrudula, Advocates ORDER Bhaskara Pantula Mohan, Member (J) 1. The instant Petition is filed by Mr. Ratna Prakash Golla/Operational Creditor alleging that M/s. Jacobs Infrastructure Private Limited/Corporate Debtor had defaulted an amount of ₹ 10,03,417/- (Rupees Ten Lakhs Three Thousand Four Hundred and Seventeen only) as on 30.07.2017 as per the details mentioned below: Hence, this petition is filed under Section 9 of Insolvency and Bankruptcy Code, 2016, r/w Rule 6 of Insolvency Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is averred that after making many efforts for recovery of the salary dues from the Corporate Debtor, the Operational Creditor finally approached the Registered Office of the Corporate Debtor and issued a demand notice dated 06.01.2020 for payment of ₹ 10,03,417/-. Even after issuing the demand notice, the Respondent failed to clear the outstanding dues. vi. Hence this application seeking to trigger CIRP against the Corporate Debtor for default of operational debt. 3. The averments made in the Reply filed by the Corporate Debtor/M/s. Jacobs Infrastructure Private Limited in brief are described hereunder: i. It is averred that the Corporate Debtor denies all the averments made by the Operational Creditor in the Company Petition except the averments which are specifically admitted herein. ii. It is averred that ab initio, the company petition is devoid of merits, not maintainable and needs to be dismissed in limini. iii. It is also averred that Mr. Ratna Prakash Golla does not qualify as an operational creditor under the provisions of I B Code, 2016 and is estopped from taking shelter under the said Code. iv. In reply to para 1 of the application, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness in the coming days.. However, despite the support given by the Corporate Debtor in profit making period, the Operational Creditor had rendered his resignation letter dated 30.06.2017 and demanded for payment of arrears of salaries. ix. In reply to para 6 of the application, denying to the averments made thereunder, it is averred that the Operational Creditor had not considered the request of the Corporate Debtor to continue his services and support the Corporate Debtor during the difficult financial crisis, the Corporate Debtor had relieved the Operational Creditor from his services on 30.07.2017 promising to clear his outstanding salaries despite the deficiency in his services. x. In reply to para 7 of the application, denying to the averments made thereunder, it is averred that the Operational Creditor had continued to place his demands for the payment of salaries despite the requests of the Corporate Debtor to consider its financial position. Further, the Corporate Debtor had written a letter on 16.12.2019 praying the Operational Creditor to wait for some time as it is facing financial difficulties and falling short of funds. xi. In reply to para 8 of the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is humbly submitted that the allegations made at para 9 are denied as false. It is averred that only with an intention to wriggle out of its liabilities, the Corporate Debtor for the first time is claiming that there is deficiency in the services rendered by the Operational Creditor. It is also averred that till date the Corporate Debtor has never sent any notice or email regarding the deficiency in the services of the Operational Creditor and it is making for the first time such claim. v. It is averred that the averments made at para 10 are denied as false. The Operational Creditor is just an employee and is acting as per the directions of the Corporate Debtor and does not involve in the decision making of the Corporate Debtor and hence the losses incurred by the Corporate Debtor cannot be attributed to the Operational Creditor. vi. It is averred that the submissions made at para 11 and 12 are denied as false. The Corporate Debtor has failed to make the payment of salaries and Operational Creditor does not have any source of income other than the salaried income. As the Corporate Debtor was not paying salaries, the Operational Creditor has no choice but to resign fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aced numerous difficulties to arrange funds, to pay its salaries to its employees and despite its downfall in the business had requested the Operational Creditor to stand by it and continue his services and promised to make good business in the coming days. However, despite the support given by the Corporate Debtor in profit making period, the Operational Creditor had rendered his resignation letter dated 30.06.2017 and demanded for payment of arrears of salaries. The Operational Creditor had not considered the request of the Corporate Debtor to continue his services and support the Corporate Debtor during the difficult financial crisis, the Corporate Debtor had relieved the Operational Creditor from his services on 30.07.2017 promising to clear his outstanding salaries despite the deficiency in his services. The Operational Creditor had continued to place his demands for the payment of salaries despite the requests of the Corporate Debtor to consider its financial position. Further, the Corporate Debtor had written a letter on 16.12.2019 praying the Operational Creditor to wait for some time as it is facing financial difficulties and falling short of funds. 9. The Counsel for C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Operational Creditor. 14. The Counsel for Operational Creditor would contend that the Corporate Debtor has failed to make the payment of salaries and Operational Creditor does not have any source of income other than the salaried income. As the Corporate Debtor was not paying salaries, the Operational Creditor has no choice but to resign from the Corporate Debtor. 15. We have perused the submissions made by both the counsels in the matter. The arguments made by the Corporate Debtor is that incurring of losses due to the failures in managerial decisions and downfall in the business area of the Corporate Debtor had added more impact on the financial position of the Corporate Debtor and faced numerous difficulties to arrange funds and pay salaries to its employees. The counsel has not submitted any proof that they raised this service issues in response to Form-3 notice or demand notice nor thereafter. It appears to be an afterthought that they are raising this issue in their counter. After perusing the records, we are convinced that Operational Creditor has not received his dues from the Corporate Debtor and the submissions made by the Corporate Debtor in this regard appears ..... X X X X Extracts X X X X X X X X Extracts X X X X
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