# In the matter of AKME Projects Ltd. CP. No.- IB-55(ND)-2018

> NCLT judgment dated 2018-04-18. Citation: TCN-2018-NCLT-01533. The case involves an application filed by Mr. Hari Kishan Sharma, an Operational Creditor,…

- **Court:** NCLT
- **Order date:** 18 Apr 2018
- **Citation:** TCN-2018-NCLT-01533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akme-projects-ltd-cp-no-ib-55nd-2018-eef87f3b

## Summary

### Background

The case involves an application filed by Mr. Hari Kishan Sharma, an Operational Creditor, against M/s AKME Projects Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process due to unpaid salary dues. The Operational Creditor claims a total amount of Rs. 12,22,146/- as outstanding salary for the period November 2014 to June 2015, along with interest at 18% per annum. The Corporate Debtor acknowledged a liability of Rs. 6,10,209/- towards unpaid salaries but alleged the existence of disputes and fabrication of documents by the Operational Creditor.

## Facts

Mr. Hari Kishan Sharma, the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s AKME Projects Ltd., the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process. Mr. Sharma claimed outstanding salary dues of Rs. 12,22,146/- for the period November 2014 to June 2015, along with 18% interest per annum, with the date of default being June 1, 2015, when he was released from service. He was working as Head Projects since August 2013. The application was supported by documents including the appointment letter, correspondence, discharge letter, full and final settlement statement, and a notice under Form-3 of the Code. The Corporate Debtor acknowledged a liability of Rs. 6,10,209/-

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The Tribunal found that the application was complete and that the Operational Creditor

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**Interpretation:** Section 9 of the IBC, 2016, allows an operational creditor to initiate CIRP if

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**Application:** The Tribunal applied Section 9 to the facts, finding that the Operational

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## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** Hari Kishan…
- **Respondents:** M/s. AKME…

## Timeline

- **2013-08-01 — Operational Creditor's…**: Mr. Hari Kishan Sharma started working as…
- **2013-08-19 — Appointment Le…**: Date of the appointment letter…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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