The case involves a petition filed by Mr. Shaji Mathew, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Seguro Foundations & Structures Private Limited, due to non-payment of salary.
Mr. Shaji Mathew, the Operational Creditor, was appointed as the project manager for the modernisation of Schools in Malappuram District w.e.f. 01.06.2018.
The Operational Creditor was assigned responsibility for 4 out of the 10 schools forming part of the project and was entitled to a consolidated salary of Rs. 80,000/-.
The Corporate Debtor stopped paying the Operational Creditor's salary from December 2018 without any prior notice.
The Operational Creditor issued a Demand Notice in Form 3 on 22.01.2020, demanding payment of Rs. 11,02,400/-.
The petition was filed on 12.03.2020, when the minimum default threshold was Rs. 1 lakh.
Mr. Shaji Mathew passed away during the pendency of the petition, and his legal heirs were substituted as petitioners.
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The present petition…
The Central Government issued a Gazette…
The case involves a petition filed by Mr. Shaji Mathew, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Seguro Foundations & Structures Private Limited, due to non-payment of salary.
Mr. Shaji Mathew, the Operational Creditor, was appointed as the project manager for the modernisation of Schools in Malappuram District w.e.f. 01.06.2018.
The Operational Creditor was assigned responsibility for 4 out of the 10 schools forming part of the project and was entitled to a consolidated salary of Rs. 80,000/-.
The Corporate Debtor stopped paying the Operational Creditor's salary from December 2018 without any prior notice.
The Operational Creditor issued a Demand Notice in Form 3 on 22.01.2020, demanding payment of Rs. 11,02,400/-.
The petition was filed on 12.03.2020, when the minimum default threshold was Rs. 1 lakh.
Mr. Shaji Mathew passed away during the pendency of the petition, and his legal heirs were substituted as petitioners.
…The present petition…
The Central Government issued a Gazette…