The case involves an application filed by Pradeep Thakore, an Operational Creditor, against MFC Transport Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor alleges that the Corporate Debtor defaulted in making payment of Rs. 23,00,000/-. The Operational Creditor was a former employee who worked as ‘Head Project Division – Delhi' with the Corporate Debtor from 08.12.2010 at a Gross Salary of Rs. 2,00,000/- per month and retired on 30.03.2019. The Corporate Debtor reduced the salary from Rs. 2,00,000/- to Rs. 1,00,000/- from August 2017 until retirement.
Pradeep Thakore, the Operational Creditor, filed a petition against MFC Transport Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, seeking to initiate CIRP due to unpaid operational debt of Rs. 23,00,000. Thakore was employed by MFC Transport from 08.12.2010 until his retirement on 30.03.2019. His initial salary was Rs. 2,00,000 per month. In August 2017, MFC Transport reduced Thakore's salary to Rs. 1,00,000 per month. Thakore claims he was informed orally that this was due to financial difficulties, while MFC Transport asserts it was due to poor performance. Thakore sent multiple reminders for the unpaid salary after retirement, followed by a demand notice under Section 8 of the IBC. MFC Transport responded, citing poor performance as justification for
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The case involves an application filed by Pradeep Thakore, an Operational Creditor, against MFC Transport Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor alleges that the Corporate Debtor defaulted in making payment of Rs. 23,00,000/-. The Operational Creditor was a former employee who worked as ‘Head Project Division – Delhi' with the Corporate Debtor from 08.12.2010 at a Gross Salary of Rs. 2,00,000/- per month and retired on 30.03.2019. The Corporate Debtor reduced the salary from Rs. 2,00,000/- to Rs. 1,00,000/- from August 2017 until retirement.
Pradeep Thakore, the Operational Creditor, filed a petition against MFC Transport Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, seeking to initiate CIRP due to unpaid operational debt of Rs. 23,00,000. Thakore was employed by MFC Transport from 08.12.2010 until his retirement on 30.03.2019. His initial salary was Rs. 2,00,000 per month. In August 2017, MFC Transport reduced Thakore's salary to Rs. 1,00,000 per month. Thakore claims he was informed orally that this was due to financial difficulties, while MFC Transport asserts it was due to poor performance. Thakore sent multiple reminders for the unpaid salary after retirement, followed by a demand notice under Section 8 of the IBC. MFC Transport responded, citing poor performance as justification for
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MFC Transport Pvt. Ltd. reduced Pradeep…