Maintainability of application - initiation of CIRP - ...

CIRP Application Dismissed: No Formal Employment Confirmation from Corporate Debtor's Board; No Legitimate Salary Claim Established.

July 13, 2020

Case Laws Companies Law Tri

Maintainability of application - initiation of CIRP - termination of employment - salary and other dues - Since the appointment was made even prior to the incorporation of the Corporate Debtor, it is evident that there could not have been any Board Resolution to discuss, propose or confirm such an appointment. Nothing has been brought on record to indicate that any such confirmation was done subsequently by the Board. In this situation, it cannot be said that any right to payment or claim arose in the hands of the Operational Creditor against the Corporate Debtor, in the absence of any decision from the Board

View Source

← Previous Next →

Maintainability of application - initiation of CIRP - ...

CIRP Application Dismissed: No Formal Employment Confirmation from Corporate Debtor's Board; No Legitimate Salary Claim Established.

July 13, 2020

Case Laws Companies Law Tri

You may also like:

Corporate insolvency resolution process (CIRP) initiated against corporate debtor and corporate guarantor. Financial creditor granted loan to corporate debtor, secured...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

Corporate Debtor failed to repay operational debt of rent to Operational Creditor as per lease deed. Operational Creditor consistently pressed for outstanding dues...

CIRP initiated against the Corporate Debtor terminated upon reaching full and final settlement with the Operational Creditor who filed Section 7 application. Quantum of...

Initiation of CIRP - NCLT admitted the application - Power of NCLT to refuse the application - Refusal of banks to extend the Bank Guarantees of the Corporate debtor - ,...

Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

The NCLAT dismissed the appeal and upheld the Adjudicating Authority's order admitting the Operational Creditor's application for initiating CIRP against the Corporate...

Initiation of CIRP - Failure to pay outstanding salary dues to the employees - Operational Creditor has not received his dues from the Corporate Debtor and the...

The NCLAT held that the corporate debtor failed to substantiate a pre-existing dispute with the operational creditor regarding the unpaid operational debt. The corporate...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Section 7 application filed by the Financial Creditor was erroneously rejected by the Adjudicating Authority despite debt and default by the Corporate Debtor. The...

The NCLAT dismissed the application seeking to confine the corporate insolvency resolution process (CIRP) to only the 'Spaze Arrow' project of the corporate debtor. The...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

Rejection of the simultaneous claim by the Resolution Professional of the Corporate Debtor - Claim filed by the Applicant with respect to the corporate guarantee given...

Conduct of IRP - Validity of order whereby application for initiation of CIRP was accepted - Settlement between the Corporate Debtor and the Operational Creditor - IRP...

Quick Updates: