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 failure to pay outstanding salary dues amounting to INR 25,89,443 for the period of 01.08.2013 to 05.04.2014. The operational creditor claimed that the corporate debtor acknowledged the debt by making TDS payments. The corporate debtor contested the petition, arguing that the application was defective, the pre-requisites of Section 8 of the IBC were not met, and the claim was barred by limitation.
Mr. Kalpesh Jaysukh Shah, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. Mr. Shah was an employee of Arch Pharmalabs Limited, holding the position of Deputy General Manager-SAP from 19.05.2010 to 05.04.2014. The petition was filed on 23.09.2019, claiming unpaid salary dues of INR 25,89,443 for the period of 01.08.2013 to 05.04.2014, with the date of default being 06.04.2014. The operational creditor argued that the corporate debtor acknowledged the debt by making TDS payments on 11.12.2015, 12.01.2018, and 27.02.2018. The corporate debtor contested the petition, stating that no debt was payable,
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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 failure to pay outstanding salary dues amounting to INR 25,89,443 for the period of 01.08.2013 to 05.04.2014. The operational creditor claimed that the corporate debtor acknowledged the debt by making TDS payments. The corporate debtor contested the petition, arguing that the application was defective, the pre-requisites of Section 8 of the IBC were not met, and the claim was barred by limitation.
Mr. Kalpesh Jaysukh Shah, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Arch Pharmalabs Limited, the corporate debtor. Mr. Shah was an employee of Arch Pharmalabs Limited, holding the position of Deputy General Manager-SAP from 19.05.2010 to 05.04.2014. The petition was filed on 23.09.2019, claiming unpaid salary dues of INR 25,89,443 for the period of 01.08.2013 to 05.04.2014, with the date of default being 06.04.2014. The operational creditor argued that the corporate debtor acknowledged the debt by making TDS payments on 11.12.2015, 12.01.2018, and 27.02.2018. The corporate debtor contested the petition, stating that no debt was payable,
…Arch Pharmalabs Limited…
Mr. Kalpesh Jaysukh…