The applicants, former employees of APITCO Limited, approached the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against their employer, M/s. APITCO Limited, citing non-payment of salaries. The applicants claimed a total due of Rs. 2,44,49,237/-, including principal and interest. The Corporate Debtor disputed the claim, raising concerns about the reconciliation of dues and the validity of the application filed through a General Power of Attorney (GPA).
The applicants, former employees of APITCO Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against their employer due to non-payment of salaries. The total amount claimed was Rs. 2,44,49,237/-, including principal (Rs. 2,12,62,484/-) and interest (Rs. 31,86,753/-). The applicants served a demand notice on 01.12.2022, to which the Corporate Debtor replied on 13.12.2022, raising various grounds and requesting reconciliation of the amount. The applicants then sent emails to fix dates for reconciliation, but received no response. The applicants furnished appointment letters, resignation letters, statements of dues, and bank statements to prove the amount claimed. The
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Applicants served a…
The applicants, former employees of APITCO Limited, approached the NCLT under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against their employer, M/s. APITCO Limited, citing non-payment of salaries. The applicants claimed a total due of Rs. 2,44,49,237/-, including principal and interest. The Corporate Debtor disputed the claim, raising concerns about the reconciliation of dues and the validity of the application filed through a General Power of Attorney (GPA).
The applicants, former employees of APITCO Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against their employer due to non-payment of salaries. The total amount claimed was Rs. 2,44,49,237/-, including principal (Rs. 2,12,62,484/-) and interest (Rs. 31,86,753/-). The applicants served a demand notice on 01.12.2022, to which the Corporate Debtor replied on 13.12.2022, raising various grounds and requesting reconciliation of the amount. The applicants then sent emails to fix dates for reconciliation, but received no response. The applicants furnished appointment letters, resignation letters, statements of dues, and bank statements to prove the amount claimed. The
…Most of the applicants…
Applicants served a…