The case involves a petition filed by Mr. Harish.P, an operational creditor, against M/s. Chemizol Additives Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to unpaid salary dues. Mr. Harish.P was an employee of the corporate debtor, and the company allegedly defaulted on salary payments amounting to Rs. 4,40,100 as of November 2018. The operational creditor resigned on 23rd June 2019 after the corporate debtor failed to pay his dues.
Mr. Harish.P, the operational creditor, filed a petition against M/s. Chemizol Additives Private Limited, the corporate debtor, under Section 9 of the IBC, seeking to initiate CIRP. Mr. Harish.P was employed as a Project Lead at the corporate debtor, with a monthly salary of Rs. 51,132. The corporate debtor allegedly defaulted on salary payments from November 2018 onwards, with total dues amounting to Rs. 4,40,100 as of November 2018. The operational creditor resigned on 23rd June 2019. An employment agreement dated 01.09.2015 existed between the parties, containing an arbitration clause for dispute resolution. The corporate debtor's annual returns for 2017-18 showed a turnover of Rs. 103,322,162 and a net worth of Rs. 1,325,365,853.
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Employment Agreement executed between Mr.…
M/s. Chemizol Additives Private Limited…
The case involves a petition filed by Mr. Harish.P, an operational creditor, against M/s. Chemizol Additives Private Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to unpaid salary dues. Mr. Harish.P was an employee of the corporate debtor, and the company allegedly defaulted on salary payments amounting to Rs. 4,40,100 as of November 2018. The operational creditor resigned on 23rd June 2019 after the corporate debtor failed to pay his dues.
Mr. Harish.P, the operational creditor, filed a petition against M/s. Chemizol Additives Private Limited, the corporate debtor, under Section 9 of the IBC, seeking to initiate CIRP. Mr. Harish.P was employed as a Project Lead at the corporate debtor, with a monthly salary of Rs. 51,132. The corporate debtor allegedly defaulted on salary payments from November 2018 onwards, with total dues amounting to Rs. 4,40,100 as of November 2018. The operational creditor resigned on 23rd June 2019. An employment agreement dated 01.09.2015 existed between the parties, containing an arbitration clause for dispute resolution. The corporate debtor's annual returns for 2017-18 showed a turnover of Rs. 103,322,162 and a net worth of Rs. 1,325,365,853.
Employment Agreement executed between Mr.…
M/s. Chemizol Additives Private Limited…