The case involves a Company Petition filed by Sandesh Naik, the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MT Educare Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 22,41,735/-. The Corporate Debtor disputed the claim, alleging that the Operational Creditor's appointment letter was fabricated and that there was a pre-existing dispute regarding the notice period for termination of employment. The Corporate Debtor also argued that the claim was for specific performance of the appointment letter, which does not fall within the definition of 'Operational Debt'.
Sandesh Naik, the Operational Creditor, was employed as Chief Financial Officer of MT Educare Ltd, the Corporate Debtor, on 2017-11-30 with an annual CTC of Rs. 46,00,008/- plus a performance-linked incentive. He resigned on 2019-11-14, with the notice period ending on 2020-02-12. Despite emails seeking dues, the Corporate Debtor failed to respond. On 2019-12-13, the Corporate Debtor informed the Operational Creditor of his cessation as CFO effective 2019-11-14, with the last working day being 2019-12-13. The Corporate Debtor acknowledged liability and promised settlement. The Operational Creditor issued a demand notice under Section 8 of the Insolvency Code, received by the Corporate Debtor on 2020-01-31. The Corporate Debtor admitted owing Rs. 7,26,626/- and sent a
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Sandesh Naik was…
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The case involves a Company Petition filed by Sandesh Naik, the Operational Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against MT Educare Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed an operational debt of Rs. 22,41,735/-. The Corporate Debtor disputed the claim, alleging that the Operational Creditor's appointment letter was fabricated and that there was a pre-existing dispute regarding the notice period for termination of employment. The Corporate Debtor also argued that the claim was for specific performance of the appointment letter, which does not fall within the definition of 'Operational Debt'.
Sandesh Naik, the Operational Creditor, was employed as Chief Financial Officer of MT Educare Ltd, the Corporate Debtor, on 2017-11-30 with an annual CTC of Rs. 46,00,008/- plus a performance-linked incentive. He resigned on 2019-11-14, with the notice period ending on 2020-02-12. Despite emails seeking dues, the Corporate Debtor failed to respond. On 2019-12-13, the Corporate Debtor informed the Operational Creditor of his cessation as CFO effective 2019-11-14, with the last working day being 2019-12-13. The Corporate Debtor acknowledged liability and promised settlement. The Operational Creditor issued a demand notice under Section 8 of the Insolvency Code, received by the Corporate Debtor on 2020-01-31. The Corporate Debtor admitted owing Rs. 7,26,626/- and sent a
…Sandesh Naik was…
Sandesh Naik r…