The appeal challenges the judgment and order of the National Company Law Appellate Tribunal (NCLAT) which affirmed the decision of the National Company Law Tribunal (NCLT). The NCLT had held that in view of Section 10A of the Insolvency and Bankruptcy Code (IBC), inserted by Act 17 of 2020 with retrospective effect from 5 June 2020, the appellant's application as an operational creditor under Section 9 was not maintainable. The appellant claimed a sum of INR 104,11,76,479 due to him pursuant to his resignation from the respondent company. The appellant had submitted his resignation on 21 January 2020, and the respondent acknowledged it on 28 January 2020. The appellant issued a demand notice on 30 April 2020, specifying the date of default as 30 April 2020. The
…Ramesh Kymal, the appellant, was the Chairman and Managing Director of M/s Siemens Gamesa Renewable Power Pvt Ltd, the respondent. Kymal resigned, claiming INR 104,11,76,479 was due to him under Employment and Incentive Agreements. He submitted his resignation on 21 January 2020. The respondent acknowledged the resignation on 28 January 2020. Kymal issued a demand notice on 30 April 2020, specifying the date of default as 30 April 2020. He then filed an application under Section 9 of the IBC on 11 May 2020, alleging default in payment of his operational dues. During the application's pendency, Section 10A was inserted into the IBC, effective 5 June 2020, with retrospective effect from 25 March 2020, suspending CIRP initiation for defaults arising on or after 25 March
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The appeal challenges the judgment and order of the National Company Law Appellate Tribunal (NCLAT) which affirmed the decision of the National Company Law Tribunal (NCLT). The NCLT had held that in view of Section 10A of the Insolvency and Bankruptcy Code (IBC), inserted by Act 17 of 2020 with retrospective effect from 5 June 2020, the appellant's application as an operational creditor under Section 9 was not maintainable. The appellant claimed a sum of INR 104,11,76,479 due to him pursuant to his resignation from the respondent company. The appellant had submitted his resignation on 21 January 2020, and the respondent acknowledged it on 28 January 2020. The appellant issued a demand notice on 30 April 2020, specifying the date of default as 30 April 2020. The
…Ramesh Kymal, the appellant, was the Chairman and Managing Director of M/s Siemens Gamesa Renewable Power Pvt Ltd, the respondent. Kymal resigned, claiming INR 104,11,76,479 was due to him under Employment and Incentive Agreements. He submitted his resignation on 21 January 2020. The respondent acknowledged the resignation on 28 January 2020. Kymal issued a demand notice on 30 April 2020, specifying the date of default as 30 April 2020. He then filed an application under Section 9 of the IBC on 11 May 2020, alleging default in payment of his operational dues. During the application's pendency, Section 10A was inserted into the IBC, effective 5 June 2020, with retrospective effect from 25 March 2020, suspending CIRP initiation for defaults arising on or after 25 March
…Appellant entered into…
Another Employment Agreement was entered into,…