The case involves an application filed by Nitin Gupta, an operational creditor, against M/s Applied Electro-Magnetic Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Nitin Gupta was employed by the corporate debtor as Manager R&D (Railway Projects). He claims that the corporate debtor failed to pay his full salary since 2008, resulting in accumulated unpaid salaries amounting to Rs. 46,77,124/-. The applicant sent a demand notice under Section 8 of the Code, and filed the application after the stipulated period. The corporate debtor raised objections, including limitation, existence of a dispute, and non-compliance with Section 9(3)(c) of the Code.
Nitin Gupta, the operational creditor, was employed by M/s Applied Electro-Magnetic Pvt. Ltd., the corporate debtor, as Manager R&D (Railway Projects). His salary was revised/increased in 2009, 2010, and 2013. The payment of salary was not systematic, leading to accumulation of unpaid salaries. The operational creditor claimed Rs. 46,77,124/- towards unpaid salaries, along with interest at 18% per annum. The operational creditor sent a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 17.08.2017. The corporate debtor raised objections, including limitation, existence of a dispute pending before the Deputy Labour Commissioner, and non-compliance with Section 9(3)(c) of the Code. The corporate debtor admitted that Rs. 28,84,160/- was due
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Nitin Gupta was appointed as Manager R&D…
Applicant sent a demand notice to the respondent…
The case involves an application filed by Nitin Gupta, an operational creditor, against M/s Applied Electro-Magnetic Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Nitin Gupta was employed by the corporate debtor as Manager R&D (Railway Projects). He claims that the corporate debtor failed to pay his full salary since 2008, resulting in accumulated unpaid salaries amounting to Rs. 46,77,124/-. The applicant sent a demand notice under Section 8 of the Code, and filed the application after the stipulated period. The corporate debtor raised objections, including limitation, existence of a dispute, and non-compliance with Section 9(3)(c) of the Code.
Nitin Gupta, the operational creditor, was employed by M/s Applied Electro-Magnetic Pvt. Ltd., the corporate debtor, as Manager R&D (Railway Projects). His salary was revised/increased in 2009, 2010, and 2013. The payment of salary was not systematic, leading to accumulation of unpaid salaries. The operational creditor claimed Rs. 46,77,124/- towards unpaid salaries, along with interest at 18% per annum. The operational creditor sent a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016, on 17.08.2017. The corporate debtor raised objections, including limitation, existence of a dispute pending before the Deputy Labour Commissioner, and non-compliance with Section 9(3)(c) of the Code. The corporate debtor admitted that Rs. 28,84,160/- was due
…Nitin Gupta was appointed as Manager R&D…
Applicant sent a demand notice to the respondent…