Jayanta Kumar Panja, an ex-employee of Fort Gloster Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the company. The application was based on the corporate debtor's failure to pay a gratuity amount of Rs. 1,13,946/-. The corporate debtor contended that the application was not maintainable as the applicant was not an operational creditor and the company was awaiting sanction of a BIFR Revival Scheme.
Jayanta Kumar Panja, an ex-employee of Fort Gloster Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the company. The basis for the application was the non-payment of gratuity amounting to Rs. 1,13,946/-. The applicant claimed to be an operational creditor. The corporate debtor, Fort Gloster Industries Limited, argued that the application was not maintainable because the applicant was not an operational creditor and the company was awaiting the sanction of a BIFR Revival Scheme. The corporate debtor acknowledged the debt on 03/04/2016 but failed to pay. The applicant had issued a demand notice dated 06/11/2017, which was delivered to and acknowledged
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Jayanta Kumar Panja, an ex-employee of Fort Gloster Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the company. The application was based on the corporate debtor's failure to pay a gratuity amount of Rs. 1,13,946/-. The corporate debtor contended that the application was not maintainable as the applicant was not an operational creditor and the company was awaiting sanction of a BIFR Revival Scheme.
Jayanta Kumar Panja, an ex-employee of Fort Gloster Industries Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the company. The basis for the application was the non-payment of gratuity amounting to Rs. 1,13,946/-. The applicant claimed to be an operational creditor. The corporate debtor, Fort Gloster Industries Limited, argued that the application was not maintainable because the applicant was not an operational creditor and the company was awaiting the sanction of a BIFR Revival Scheme. The corporate debtor acknowledged the debt on 03/04/2016 but failed to pay. The applicant had issued a demand notice dated 06/11/2017, which was delivered to and acknowledged
…Corporate debtor…
Applicant issued a…