The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ajit Kumar Yadav and seven other operational creditors, who are former employees, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Tech Services Limited. The operational creditors claim that the corporate debtor failed to pay their salaries after terminating their employment contracts. The petition was filed on 2019-06-28, alleging a default of ₹62,82,770.00 as principal and ₹10,76,161.04 as interest as of 2018-01-02.
Ajit Kumar Yadav and seven other former employees of Reliance Tech Services Limited filed a Company Petition under Section 9 of the IBC to initiate CIRP against the company. The Corporate Debtor is an unlisted public company incorporated on 2007-07-30. The Operational Creditors' employment contracts were terminated two months after they were hired, with an agreement that their salaries would be paid up to 2018-04-30. Full and Final Settlement Slips were issued by the Corporate Debtor, specifying the amounts payable to each employee. However, the Corporate Debtor failed to make any payments despite consistent follow-up by the employees. The total debt due to the Operational Creditors is ₹73,58,931.04. The Operational Creditors served two Demand Notices in Form 3 dated
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Reliance Tech Services…
Operational Creditors…
The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ajit Kumar Yadav and seven other operational creditors, who are former employees, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Tech Services Limited. The operational creditors claim that the corporate debtor failed to pay their salaries after terminating their employment contracts. The petition was filed on 2019-06-28, alleging a default of ₹62,82,770.00 as principal and ₹10,76,161.04 as interest as of 2018-01-02.
Ajit Kumar Yadav and seven other former employees of Reliance Tech Services Limited filed a Company Petition under Section 9 of the IBC to initiate CIRP against the company. The Corporate Debtor is an unlisted public company incorporated on 2007-07-30. The Operational Creditors' employment contracts were terminated two months after they were hired, with an agreement that their salaries would be paid up to 2018-04-30. Full and Final Settlement Slips were issued by the Corporate Debtor, specifying the amounts payable to each employee. However, the Corporate Debtor failed to make any payments despite consistent follow-up by the employees. The total debt due to the Operational Creditors is ₹73,58,931.04. The Operational Creditors served two Demand Notices in Form 3 dated
…Reliance Tech Services…
Operational Creditors…