The case involves a Company Appeal filed by M Ramakanth, an Operational Creditor, against M/s. Nagarjuna Fertiliser and Chemicals Limited, the Corporate Debtor, before the National Company Law Appellate Tribunal (NCLAT) at Chennai. The appeal challenges the Impugned Order dated 02.05.2024 passed by the National Company Law Tribunal (NCLT), Division Bench, Hyderabad, in CP(IB) No. 132/09/HDB/2020, which rejected the Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The Operational Creditor claims entitlement to performance pay, which he alleges was wrongfully denied to him upon his superannuation on 30.04.2018. The Corporate Debtor contends that the claim does not fall within the definition of 'operational debt'
…M Ramakanth, the Appellant, was employed as an Assistant Company Secretary and later as Company Secretary in various entities of the Nagarjuna Group, including M/s. Nagarjuna Fertilisers and Chemicals Limited (the Corporate Debtor). He superannuated on 30.04.2018. He claimed entitlement to performance pay for the financial year 2017-2018, alleging wrongful denial by the Corporate Debtor. The Appellant issued notices under Section 8 of the I&B Code, demanding Rs.18,06,861/- along with interest at 24% as of 31.01.2020. He initiated proceedings under Section 9 of the I&B Code after the amount remained unpaid. The Corporate Debtor argued that the performance pay was not a fixed entitlement but depended on various performance parameters and did not constitute an
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M Ramakanth was appointed as an Assistant…
Office memorandum…
The case involves a Company Appeal filed by M Ramakanth, an Operational Creditor, against M/s. Nagarjuna Fertiliser and Chemicals Limited, the Corporate Debtor, before the National Company Law Appellate Tribunal (NCLAT) at Chennai. The appeal challenges the Impugned Order dated 02.05.2024 passed by the National Company Law Tribunal (NCLT), Division Bench, Hyderabad, in CP(IB) No. 132/09/HDB/2020, which rejected the Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The Operational Creditor claims entitlement to performance pay, which he alleges was wrongfully denied to him upon his superannuation on 30.04.2018. The Corporate Debtor contends that the claim does not fall within the definition of 'operational debt'
…M Ramakanth, the Appellant, was employed as an Assistant Company Secretary and later as Company Secretary in various entities of the Nagarjuna Group, including M/s. Nagarjuna Fertilisers and Chemicals Limited (the Corporate Debtor). He superannuated on 30.04.2018. He claimed entitlement to performance pay for the financial year 2017-2018, alleging wrongful denial by the Corporate Debtor. The Appellant issued notices under Section 8 of the I&B Code, demanding Rs.18,06,861/- along with interest at 24% as of 31.01.2020. He initiated proceedings under Section 9 of the I&B Code after the amount remained unpaid. The Corporate Debtor argued that the performance pay was not a fixed entitlement but depended on various performance parameters and did not constitute an
…M Ramakanth was appointed as an Assistant…
Office memorandum…