The case involves a Miscellaneous Application (MA 1041/2019) filed in CP No. 1752/IBC/NCLT/MB/MAH/2017 under Section 5(13) r/w 20(e) r/w 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) of Doshion Water Solutions Private Limited commenced on 31.08.2018, following the admission of a Section 7 application filed by Bank of Baroda, a 'Financial Creditor'. Mr. Ketulbhai Ramubhai Patel was appointed as the Interim Resolution Professional (IRP). The applicants, initially employees and later directors of the Corporate Debtor, sought payment of pending remuneration from 01.09.2018 to 31.01.2019 and timely payment of future remuneration.
The Corporate Insolvency Resolution Process (CIRP) of Doshion Water Solutions Private Limited commenced on 31.08.2018, pursuant to the admission of a Section 7 application by Bank of Baroda. Mr. Ketulbhai Ramubhai Patel was appointed as the Interim Resolution Professional (IRP). Mr. Ashit Doshi and Mr. Rakshit Doshi, the applicants, were initially employees and later directors of the Corporate Debtor from 1993 onwards. They continued to provide services to the Corporate Debtor after the initiation of CIRP. The applicants sought payment of pending remuneration for the period from 01.09.2018 to 31.01.2019. The RP contended that the applicants' demanded remuneration (₹7 lacs and ₹5.50 lacs respectively) was too high given the decline in the Corporate Debtor's business.
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The case involves a Miscellaneous Application (MA 1041/2019) filed in CP No. 1752/IBC/NCLT/MB/MAH/2017 under Section 5(13) r/w 20(e) r/w 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) of Doshion Water Solutions Private Limited commenced on 31.08.2018, following the admission of a Section 7 application filed by Bank of Baroda, a 'Financial Creditor'. Mr. Ketulbhai Ramubhai Patel was appointed as the Interim Resolution Professional (IRP). The applicants, initially employees and later directors of the Corporate Debtor, sought payment of pending remuneration from 01.09.2018 to 31.01.2019 and timely payment of future remuneration.
The Corporate Insolvency Resolution Process (CIRP) of Doshion Water Solutions Private Limited commenced on 31.08.2018, pursuant to the admission of a Section 7 application by Bank of Baroda. Mr. Ketulbhai Ramubhai Patel was appointed as the Interim Resolution Professional (IRP). Mr. Ashit Doshi and Mr. Rakshit Doshi, the applicants, were initially employees and later directors of the Corporate Debtor from 1993 onwards. They continued to provide services to the Corporate Debtor after the initiation of CIRP. The applicants sought payment of pending remuneration for the period from 01.09.2018 to 31.01.2019. The RP contended that the applicants' demanded remuneration (₹7 lacs and ₹5.50 lacs respectively) was too high given the decline in the Corporate Debtor's business.
…Corporate Insolvency Resolution Process of…
Applicants sought…