The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by R. Chandru, an operational creditor, against SPEL Semiconductor Limited, the corporate debtor. The operational creditor, along with 32 other employees, claimed a sum of Rs. 1,61,67,055/- consisting of salary, leave salary, medical reimbursement, gratuity, thrift society, and interest accrued, which were due and payable by the corporate debtor. The corporate debtor filed a preliminary reply stating that the claims were false and baseless, and some claims were hit by limitation.
R. Chandru, along with 32 other employees of SPEL Semiconductor Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid dues amounting to Rs. 1,61,67,055/-. These dues included salary, leave salary, medical reimbursement, gratuity, thrift society contributions, and accrued interest. The date of default was stated as 30.09.2020. SPEL Semiconductor Limited contested the application, asserting that the claims were false and baseless, with some claims being time-barred. The Corporate Debtor admitted substantial portion of the 'Debt' and undertook repayment of the said amount in three equated monthly instalments. The Corporate Debtor filed IA(IBC)/851/2022 seeking an extension of time for payment. The entire amount has been
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Mr. R. Chandru…
The Operational…
The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by R. Chandru, an operational creditor, against SPEL Semiconductor Limited, the corporate debtor. The operational creditor, along with 32 other employees, claimed a sum of Rs. 1,61,67,055/- consisting of salary, leave salary, medical reimbursement, gratuity, thrift society, and interest accrued, which were due and payable by the corporate debtor. The corporate debtor filed a preliminary reply stating that the claims were false and baseless, and some claims were hit by limitation.
R. Chandru, along with 32 other employees of SPEL Semiconductor Limited, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming unpaid dues amounting to Rs. 1,61,67,055/-. These dues included salary, leave salary, medical reimbursement, gratuity, thrift society contributions, and accrued interest. The date of default was stated as 30.09.2020. SPEL Semiconductor Limited contested the application, asserting that the claims were false and baseless, with some claims being time-barred. The Corporate Debtor admitted substantial portion of the 'Debt' and undertook repayment of the said amount in three equated monthly instalments. The Corporate Debtor filed IA(IBC)/851/2022 seeking an extension of time for payment. The entire amount has been
…Mr. R. Chandru…
The Operational…