The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sadhanala Venkata Rao, an operational creditor, against Vanta Biosciences Limited, the corporate debtor. The operational creditor claims an outstanding amount of Rs. 1,18,65,000, including principal and interest, as of 11.05.2021, arising from unpaid salary. The operational creditor was appointed as an Additional Director-Executive Category and Chief Executive Officer in the corporate debtor company. The corporate debtor denies the averments, claiming that the operational creditor's appointment was subject to certain promises and that the salary structure was bifurcated into fixed and variable components based on performance. The operational creditor disputes this,
…Sadhanala Venkata Rao, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vanta Biosciences Limited, the corporate debtor, for an outstanding debt of Rs. 1,18,65,000 as of 11.05.2021. Rao was appointed as an Additional Director-Executive Category and CEO of Vanta Biosciences with a salary of Rs. 60,00,000 per annum, as evidenced by board resolutions. The operational creditor claims that the corporate debtor failed to make full payment of the agreed salary, paying only 50% of the amount for the past three years. The corporate debtor contends that the salary was bifurcated into fixed and variable components based on performance, as communicated via email on 29.10.2018, and that the operational creditor
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Sadhanala Venkata Rao appointed as CEO of Vanta…
Operational creditor emailed the corporate…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Sadhanala Venkata Rao, an operational creditor, against Vanta Biosciences Limited, the corporate debtor. The operational creditor claims an outstanding amount of Rs. 1,18,65,000, including principal and interest, as of 11.05.2021, arising from unpaid salary. The operational creditor was appointed as an Additional Director-Executive Category and Chief Executive Officer in the corporate debtor company. The corporate debtor denies the averments, claiming that the operational creditor's appointment was subject to certain promises and that the salary structure was bifurcated into fixed and variable components based on performance. The operational creditor disputes this,
…Sadhanala Venkata Rao, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vanta Biosciences Limited, the corporate debtor, for an outstanding debt of Rs. 1,18,65,000 as of 11.05.2021. Rao was appointed as an Additional Director-Executive Category and CEO of Vanta Biosciences with a salary of Rs. 60,00,000 per annum, as evidenced by board resolutions. The operational creditor claims that the corporate debtor failed to make full payment of the agreed salary, paying only 50% of the amount for the past three years. The corporate debtor contends that the salary was bifurcated into fixed and variable components based on performance, as communicated via email on 29.10.2018, and that the operational creditor
…Sadhanala Venkata Rao appointed as CEO of Vanta…
Operational creditor emailed the corporate…