The case involves an application filed by Mr. Tushar Harshadrai Mehta, an Operational Creditor and former director of Samarth Softech Solutions Private Limited (Corporate Debtor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of INR 1,06,03,252/-, comprising principal and interest. The Corporate Debtor contested the claim, arguing that the Operational Creditor had already been paid a substantial amount and that the claimed interest was not supported by any agreement. The Corporate Debtor also disputed the commission claims made by the Operational Creditor.
Mr. Tushar Harshadrai Mehta, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Samarth Softech Solutions Private Limited, the Corporate Debtor, seeking initiation of CIRP. Mr. Mehta, a former director of the Corporate Debtor, claimed an outstanding amount of INR 1,06,03,252/-, which included a principal amount of INR 77,76,159/- and interest of INR 28,27,093/-. The principal claim comprised remuneration and commission payable to Mr. Mehta for services rendered as a technical director. A board resolution dated 20.10.2017 provided for a monthly salary of INR 1,05,952/- and a 4% commission on net payments received by the Corporate Debtor from IT/Electronics technology-based projects. In April 2019,
…Sign in to view the parties.
Corporate Debtor passed a board resolution for…
Appointment Letter…
The case involves an application filed by Mr. Tushar Harshadrai Mehta, an Operational Creditor and former director of Samarth Softech Solutions Private Limited (Corporate Debtor), under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claimed an outstanding amount of INR 1,06,03,252/-, comprising principal and interest. The Corporate Debtor contested the claim, arguing that the Operational Creditor had already been paid a substantial amount and that the claimed interest was not supported by any agreement. The Corporate Debtor also disputed the commission claims made by the Operational Creditor.
Mr. Tushar Harshadrai Mehta, the Operational Creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Samarth Softech Solutions Private Limited, the Corporate Debtor, seeking initiation of CIRP. Mr. Mehta, a former director of the Corporate Debtor, claimed an outstanding amount of INR 1,06,03,252/-, which included a principal amount of INR 77,76,159/- and interest of INR 28,27,093/-. The principal claim comprised remuneration and commission payable to Mr. Mehta for services rendered as a technical director. A board resolution dated 20.10.2017 provided for a monthly salary of INR 1,05,952/- and a 4% commission on net payments received by the Corporate Debtor from IT/Electronics technology-based projects. In April 2019,
…Corporate Debtor passed a board resolution for…
Appointment Letter…