9911796707
TMI Blog2017 (11) TMI 1978X X X X Extracts X X X X X X X X Extracts X X X X ..... e words full final settlement of salary as on date which are in different hand writing. The 'payment voucher' per se reflects that a fraud is being played on the Petitioner/ Operational Creditor, which can easily be identified with the naked eyes. Therefore, the entries relating to the salary arrears and full final settlement of salary as on date seem to have been entered with mala fide intention to show that the amount paid is full and final settlement of the arrears of salary, which in no circumstances could be relied upon. The Corporate Debtor defaulted in making payment arrears of the salary to the Petitioner/ Operational Creditor. The Operational Creditor has complied with requirements under Sections 8, 9 (3) (b) (c) of I B Code, 2016 and has made out a case for admission of the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016. Application admitted - moratorium declared. - CP/597(IB)/CB/2017 - - - Dated:- 17-11-2017 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) S.VIJAYARAGHAVAN, MEMBER (TECHNICAL) For Operational Creditor : Mr. S. Prakash for M/S. T. S. Vijaya Raghavan Counsel For Corporate Debtor : Ms. D. Revathi Kart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled with the Petition and the letter dated 30.06.2013 by which the resignation was accepted is placed at page 96 of the typed set filed with the Petition wherein the management of the Corporate Debtor expressed its deep appreciation of the services rendered by the Petitioner/ Operational Creditor during his long association with the Company spanning over a period of 29 years as has been stated in the letter dated 30.06.2013 placed at page 96 of the typed set filed with the Petition. These documents have not been rebutted through any documentary evidence by the Respondent/ Corporate Debtor. It is also on record that even after resignation the Petitioner/ Operational Creditor was retained on a consolidated salary of ₹ 35,000/- per month and it was assured that his arrears of salary would be settled over year end i.e., 31.03.2014. But, the same was not done and a letter of confirmation was issued on 31.03.2014 assuring to the Applicant/ Operational Creditor that the accounts will be settled very shortly in accordance with the terms of the letter of the management dated 30.09.2006. Then, on 30.09.2014 an assurance was given that the arrear of salary will be settled in a period o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds only and entry 'Rs. ' is filled with amount, 2, 10,000/- . These are being written in one hand writing. However, entry 'debt' is filled with the words salary arrears and entry '(particulars)' is filled with the words full final settlement of salary as on date which are in different hand writing. The 'payment voucher' per se reflects that a fraud is being played on the Petitioner/ Operational Creditor, which can easily be identified with the naked eyes. Therefore, the entries relating to the salary arrears and full final settlement of salary as on date seem to have been entered with mala fide intention to show that the amount paid is full and final settlement of the arrears of salary, which in no circumstances could be relied upon. 6. Therefore, the evidence i.e. payment voucher relied upon by the Respondent/ Corporate Debtor, as proof of payment of the arrears of salary stands rejected. Moreover, the Applicant/ Operational Creditor explained that the voucher for ₹ 2, 10,000/- shown by the Respondent/ Corporate Debtor is arrears of six months' payment @ ₹ 35,000/- p.m., which was not paid on due dates, but then p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the records placed on the file. In totality of the facts and circumstances, we are constrained to conclude that the Corporate Debtor defaulted in making payment arrears of the salary to the Petitioner/ Operational Creditor. The Operational Creditor has complied with requirements under Sections 8, 9 (3) (b) (c) of I B Code, 2016 and has made out a case for admission of the Application under Section 9 of the Insolvency and Bankruptcy Code, 2016. 12. Therefore, we admit the application and we order the commencement of the Corporate Insolvency Resolution Process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 13. We appoint Mr. Venkataramanarao Nagarqjan, as IRP, who has been proposed by the Operational Creditor. There is no disciplinary proceedings pending against the IRP as evidenced from Form-2 and his name is reflected in IBBI website. The IRP is directed to take charge of the Corporate Debtor's management immediately. He is also directed to cause public announcement as prescribed under Section 15 of the I B Code, 2016 within three days from the date the copy of this Order is received, and call for submissions of claim b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
