The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Siddharth Sharma and other ex-employees of Chikai Global Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the company for unpaid employment dues. The application was filed jointly by 29 ex-employees, claiming to be Operational Creditors. The Corporate Debtor is in the business of providing accommodation services to students intending to study abroad. The Operational Creditors claimed a total amount of Rs. 1,66,72,743, with the date of default stated as 31.10.2021. The Corporate Debtor acknowledged the dues but argued that the amount related to performance was conditional and that the individual claims did not meet the
…Siddharth Sharma and 28 other ex-employees of Chikai Global Private Limited jointly filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the company for unpaid employment dues. The Corporate Debtor, Chikai Global Private Limited, is in the business of providing accommodation services to students intending to study abroad. The total amount claimed by the Operational Creditors was Rs. 1,66,72,743, with the date of default stated as 31.10.2021. The Corporate Debtor admitted that the dues were unpaid, but argued that the amount related to performance was conditional and that the individual claims did not meet the threshold of Rs. 1 crore as required by Section 4 of the
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The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Siddharth Sharma and other ex-employees of Chikai Global Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the company for unpaid employment dues. The application was filed jointly by 29 ex-employees, claiming to be Operational Creditors. The Corporate Debtor is in the business of providing accommodation services to students intending to study abroad. The Operational Creditors claimed a total amount of Rs. 1,66,72,743, with the date of default stated as 31.10.2021. The Corporate Debtor acknowledged the dues but argued that the amount related to performance was conditional and that the individual claims did not meet the
…Siddharth Sharma and 28 other ex-employees of Chikai Global Private Limited jointly filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the company for unpaid employment dues. The Corporate Debtor, Chikai Global Private Limited, is in the business of providing accommodation services to students intending to study abroad. The total amount claimed by the Operational Creditors was Rs. 1,66,72,743, with the date of default stated as 31.10.2021. The Corporate Debtor admitted that the dues were unpaid, but argued that the amount related to performance was conditional and that the individual claims did not meet the threshold of Rs. 1 crore as required by Section 4 of the
…The Corporate Debtor formalized a policy of…
The date of de…