The case involves an application filed by Kalidindi Venkateswara Raju, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Hemarus Therapeutics Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 1,49,75,000/- based on an employment agreement and confirmation of accounts. The Corporate Debtor contested the application, primarily on the grounds of limitation and disputed the authenticity of post-dated cheques submitted as evidence.
Kalidindi Venkateswara Raju, the Operational Creditor, filed an application under Section 9 of the IBC against Hemarus Therapeutics Limited, the Corporate Debtor. The claim was for Rs. 1,49,75,000/-, arising from unpaid remuneration as Executive Director/Chief Operating Officer based on an appointment letter dated 04.10.2014. The Operational Creditor's employment spanned from October 2014 to January 2018, with unpaid dues from March 2015 to January 2018. The Corporate Debtor made partial payments, leaving a balance of Rs. 1,49,75,000/-. The Operational Creditor presented post-dated cheques issued by the late Managing Director, Dr. Jayaram Chigurupati, and a confirmation of accounts dated 11.01.2018. The Corporate Debtor contested the claim, alleging limitation,
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Operational Creditor appointed as Executive…
Corporate Debtor fails to pay remuneration to…
The case involves an application filed by Kalidindi Venkateswara Raju, the Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against Hemarus Therapeutics Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of Rs. 1,49,75,000/- based on an employment agreement and confirmation of accounts. The Corporate Debtor contested the application, primarily on the grounds of limitation and disputed the authenticity of post-dated cheques submitted as evidence.
Kalidindi Venkateswara Raju, the Operational Creditor, filed an application under Section 9 of the IBC against Hemarus Therapeutics Limited, the Corporate Debtor. The claim was for Rs. 1,49,75,000/-, arising from unpaid remuneration as Executive Director/Chief Operating Officer based on an appointment letter dated 04.10.2014. The Operational Creditor's employment spanned from October 2014 to January 2018, with unpaid dues from March 2015 to January 2018. The Corporate Debtor made partial payments, leaving a balance of Rs. 1,49,75,000/-. The Operational Creditor presented post-dated cheques issued by the late Managing Director, Dr. Jayaram Chigurupati, and a confirmation of accounts dated 11.01.2018. The Corporate Debtor contested the claim, alleging limitation,
…Operational Creditor appointed as Executive…
Corporate Debtor fails to pay remuneration to…