The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Raju Sarin (Operational Creditor) against M/s CEO Lounge Private Ltd. (Corporate Debtor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims unpaid salary and expenses. The Corporate Debtor disputes the claim, alleging pre-existing disputes, poor performance, and failure to submit proper invoices. The Adjudicating Authority is considering whether the demand notice was duly served, whether the operational debt was disputed, and whether the application is within limitation.
Raju Sarin, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s CEO Lounge Private Ltd., the Corporate Debtor, seeking to initiate CIRP for unpaid salary and expenses amounting to Rs. 10,25,420/-. Sarin was employed by the Corporate Debtor since 23.11.2017. He claimed salary and expenses, including a bonus. The Corporate Debtor disputed the claim, alleging that Sarin's performance was poor, he failed to meet sales targets, and he did not submit proper invoices for reimbursements. The Corporate Debtor also argued that Sarin was informed about the unjustified claims via email dated 16.10.2018. A demand notice was issued on 15.04.2019, and the Corporate Debtor replied on 25.04.2019, stating that Sarin was not
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Operational Creditor…
Director unilaterally changed the terms of…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Raju Sarin (Operational Creditor) against M/s CEO Lounge Private Ltd. (Corporate Debtor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims unpaid salary and expenses. The Corporate Debtor disputes the claim, alleging pre-existing disputes, poor performance, and failure to submit proper invoices. The Adjudicating Authority is considering whether the demand notice was duly served, whether the operational debt was disputed, and whether the application is within limitation.
Raju Sarin, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s CEO Lounge Private Ltd., the Corporate Debtor, seeking to initiate CIRP for unpaid salary and expenses amounting to Rs. 10,25,420/-. Sarin was employed by the Corporate Debtor since 23.11.2017. He claimed salary and expenses, including a bonus. The Corporate Debtor disputed the claim, alleging that Sarin's performance was poor, he failed to meet sales targets, and he did not submit proper invoices for reimbursements. The Corporate Debtor also argued that Sarin was informed about the unjustified claims via email dated 16.10.2018. A demand notice was issued on 15.04.2019, and the Corporate Debtor replied on 25.04.2019, stating that Sarin was not
…Operational Creditor…
Director unilaterally changed the terms of…