The case involves a petition filed by Mr. Kalpesh Jaysukh Shah, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. The petition was filed due to the corporate debtor's alleged failure to pay outstanding salary dues amounting to Rs. 25,89,443/- for the period of 01.08.2013 to 05.04.2014. The corporate debtor contested the petition, arguing that the application was defective and not maintainable, primarily on the grounds of limitation and the lack of acknowledgment of debt.
Mr. Kalpesh Jaysukh Shah, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. The claim was based on unpaid salary dues amounting to Rs. 25,89,443/- for the period of 01.08.2013 to 05.04.2014. The operational creditor was employed as Deputy General Manager-SAP with the corporate debtor from 19.05.2010 to 05.04.2014. The corporate debtor argued that the petition was defective and not maintainable due to limitation issues. The date of default was stated as 06.04.2014, but the corporate debtor claimed the actual date of default was earlier, making the claim time-barred. The corporate debtor also argued that
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Arch Pharmalabs Limited…
Mr. Kalpesh Jaysukh…
The case involves a petition filed by Mr. Kalpesh Jaysukh Shah, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate the Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. The petition was filed due to the corporate debtor's alleged failure to pay outstanding salary dues amounting to Rs. 25,89,443/- for the period of 01.08.2013 to 05.04.2014. The corporate debtor contested the petition, arguing that the application was defective and not maintainable, primarily on the grounds of limitation and the lack of acknowledgment of debt.
Mr. Kalpesh Jaysukh Shah, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. The claim was based on unpaid salary dues amounting to Rs. 25,89,443/- for the period of 01.08.2013 to 05.04.2014. The operational creditor was employed as Deputy General Manager-SAP with the corporate debtor from 19.05.2010 to 05.04.2014. The corporate debtor argued that the petition was defective and not maintainable due to limitation issues. The date of default was stated as 06.04.2014, but the corporate debtor claimed the actual date of default was earlier, making the claim time-barred. The corporate debtor also argued that
…Arch Pharmalabs Limited…
Mr. Kalpesh Jaysukh…