The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by several employees of M/s.APITCO (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid salaries. The applicants, acting through a General Power of Attorney (GPA), claimed a total due of Rs. 2,44,49,237/-, including principal and interest. The Corporate Debtor contested the application, citing a pre-existing dispute regarding the amount owed and arguing that the individual claims of the employees did not meet the threshold of Rs. 1 crore required under Section 4 of the IBC. The Corporate Debtor also questioned the validity of the GPA.
Several former employees of APITCO Limited, acting through a General Power of Attorney (GPA), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against APITCO Limited due to unpaid salaries. The total amount claimed was Rs. 2,44,49,237/-, including principal and interest. The employees had not been paid salaries for varying periods, mostly from October 2019 onwards, leading some to resign and others to be superannuated. A demand notice was served on the Corporate Debtor on 01.12.2022, to which the Corporate Debtor replied on 13.12.2022, raising various grounds and requesting reconciliation. The applicants provided documents to support their claims, including appointment letters,
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Applicants served a…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, by several employees of M/s.APITCO (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) due to unpaid salaries. The applicants, acting through a General Power of Attorney (GPA), claimed a total due of Rs. 2,44,49,237/-, including principal and interest. The Corporate Debtor contested the application, citing a pre-existing dispute regarding the amount owed and arguing that the individual claims of the employees did not meet the threshold of Rs. 1 crore required under Section 4 of the IBC. The Corporate Debtor also questioned the validity of the GPA.
Several former employees of APITCO Limited, acting through a General Power of Attorney (GPA), filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against APITCO Limited due to unpaid salaries. The total amount claimed was Rs. 2,44,49,237/-, including principal and interest. The employees had not been paid salaries for varying periods, mostly from October 2019 onwards, leading some to resign and others to be superannuated. A demand notice was served on the Corporate Debtor on 01.12.2022, to which the Corporate Debtor replied on 13.12.2022, raising various grounds and requesting reconciliation. The applicants provided documents to support their claims, including appointment letters,
…Most of the applicants…
Applicants served a…