The case involves an application filed by Mr. Samrat Khanna, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. LEPL Projects Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed a principal debt of Rs. 22,42,733 and an interest amount of Rs. 1,66,182, totaling Rs. 24,08,915, primarily related to unpaid salary and other dues. The Corporate Debtor contested the claim, citing reasons such as the suspension of airline operations due to unforeseen circumstances, full and final settlement offers, and the Operational Creditor's failure to accept payments.
Mr. Samrat Khanna, the Operational Creditor, filed an application under Section 9 of the IBC against M/s. LEPL Projects Limited, the Corporate Debtor, claiming a debt of Rs. 24,08,915, comprising unpaid salary, TDS, and training costs. The Operational Creditor was employed as a pilot by the Corporate Debtor. An Employment Agreement dated 15.05.2014 governed the terms of employment. The Corporate Debtor's airline operations were suspended on 28.02.2017 due to reasons beyond its control. The Corporate Debtor issued a termination notice to the Operational Creditor on 06.03.2017, with effect from 28.02.2017. The Corporate Debtor claimed to have offered a full and final settlement to the Operational Creditor, which was not accepted. The Operational Creditor had undergone
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Employment Agreement…
Corporate Debtor's…
The case involves an application filed by Mr. Samrat Khanna, the Operational Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. LEPL Projects Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor claimed a principal debt of Rs. 22,42,733 and an interest amount of Rs. 1,66,182, totaling Rs. 24,08,915, primarily related to unpaid salary and other dues. The Corporate Debtor contested the claim, citing reasons such as the suspension of airline operations due to unforeseen circumstances, full and final settlement offers, and the Operational Creditor's failure to accept payments.
Mr. Samrat Khanna, the Operational Creditor, filed an application under Section 9 of the IBC against M/s. LEPL Projects Limited, the Corporate Debtor, claiming a debt of Rs. 24,08,915, comprising unpaid salary, TDS, and training costs. The Operational Creditor was employed as a pilot by the Corporate Debtor. An Employment Agreement dated 15.05.2014 governed the terms of employment. The Corporate Debtor's airline operations were suspended on 28.02.2017 due to reasons beyond its control. The Corporate Debtor issued a termination notice to the Operational Creditor on 06.03.2017, with effect from 28.02.2017. The Corporate Debtor claimed to have offered a full and final settlement to the Operational Creditor, which was not accepted. The Operational Creditor had undergone
…Employment Agreement…
Corporate Debtor's…