TaxTMI 
TaxTMI 
2019 (7) TMI 1544
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.... (for brevity 'the Code') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rule') with a prayer to admit the company petition for initiation of Corporate Insolvency process in respect of respondent corporate debtor. 2. The petitioner Dr. Amit Sachdeva, is a person individual resident of Tower B-1201 Omaxe Forest Spa Sector 93 B NoidaUttar Pradesh- 201301. 3. The Respondent Axiss Dental Private Limited, bearing CIN No. U85120DL2007PPC170348 is incorporated on 12.07.2007, having its registered office at C-1/7, Safdarjung Development Area, New Delhi 110016. 4. It is the case of the petitioner that the Corporate Debtor was set up in the year 2004 in ....
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....(Rupees Three lakh thirty three thousand three hundred and thirty threeO per month. Reimbursement of Business Expenses of 16000/- per month (Rupees sixteen thousand ("Business Expenses") will be reimbursed on production of bills/ receipts. In addition to the above remuneration, the Employee shall be entitled to 5% performance bonus at the end of FY 2013, subject to the terms of the Shareholders 'Agreement. For Financial Years subsequent to FY 2013, the remuneration shall be as follows" Basic Salary: Being the cumulative annualized remuneration received by the Employee at the end of a financial year. Comprising of (i) basic salary of the previous financial year; and (ii) bonus of the previous ....
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....bove, the Corporate Debtor, has further admitted and acknowledged their dues towards the Operational Creditor by having deposited TDS on the Operational Creditor's salary for the months of February and March 2018, as is reflected in the Operational Creditors form 26AS. updated till 11 July 2018, for the Assessment year 2017-2018. 10. It is pertinent to mention here that the Operational Creditor had filed a Petition under Section 241-242 of the Companies Act. 2013 bearing CP No. 96/241-242/PB/2018 before this Tribunal and an interim Order dated 22.03.2018 in favour of the Operational Creditor has been passed by this Bench and the matter is now reserved for judgement. 11. It is claimed in the petition that the Corporate Debtor conti....
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....to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred". 16. From the definition of "Operational creditor" and "Operational Debt", it can be seen that the respondent through employment agreement itself agreed about the remuneration to be paid to the applicant by the respondent and the claim of outstanding payments to applicant comes within the definition of Operational Debt. There being default in payment of claimed amount, and the respondent has failed to establish the fact that there is a pending dispute between the parties in respect of the amount claimed, such application deserves to be admitted for triggering Corporate Insolvency Resolution Process against the responden....
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....the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. " 21. It is made clear that the provisions of moratorium shall not apply to transactions which might be notified by the Central Government or the supply of the essential goods or services to the Corporate Debtor and may be specified, are not to be terminated or suspended or interrupted during the moratorium period. In addition as per the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 which has come into force w.e.f. 06.06.2018, the provisions of moratorium shall not apply to the ....
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....than seven days from today. 24. The applicant has not proposed the name of the IRP in the application. The Insolvency and Bankruptcy Board of India vide its letter dated 01.01.2018 has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional in compliance with Section 16 (3) (a) of the Code in order to cut delay. Accordingly, we appoint Mr. Punkaj Jain as an Interim Resolution Professional. His registration number is IBBI/IPA-001/IP-P00409/2017-18/ 10969, Mobile No. 9810286606. The aforesaid Interim Resolution Professional has no disciplinary proceeding pending against him nor has anything else been pointed out with regard to his antecedents. The Interim Resolution Professional has filed neces....