TaxTMI 
TaxTMI 
2020 (3) TMI 1210
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....rational creditor) against Jeevan Scientific Technology Ltd. (in short, the respondent/corporate debtor) under section 9 of the Insolvency and Bankruptcy Code, 2016 (in short IB Code) read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (in short, the IB Rules, 2016). 2. Before proceeding with this matter, it would be appropriate to make a note of background facts for the purpose of determination of this petition as under : (a) That the petitioner was offered the position of "executive director" by the corporate debtor. In the offer letter dated March 16, 2015 it is stated that the petitioner's annual salary would be Rs. 1,00,00,000 and also included employee stock options and....
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....rector of the corporate debtor admitting liability. * Draft of memorandum of understanding between the directors and corporate debtor. * Letter from operational creditor to managing director. * Correspondence regarding ESOP allocation. * Resignation letter of the operational creditor. * Reconciliation statement. * Copy of notice issued by the operational creditor. * Certified bank statements of the operational creditor regarding payment. * Copy of balance-sheets of the corporate debtor. 3. Learned counsel for the corporate debtor filed counter and written sub-missions, inter alia, stating as under : (i) That the corporate debtor herein deny that they are lia....
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....record. (iv) That the petitioner has not raised any objections about the remuneration fixed and paid at Rs. 30,99,998 per annum either during the meetings he attended or during the period of his continuation as whole-time director. The resolutions and directors report attached to balance-sheet and profit and loss account of the corporate debtor for the financial year ending March 31, 2015 discloses the remuneration fixed for Shri Raghav Beeram only at Rs. 30,99,998 per annum. (v) That the applicant herein vide his letter dated May 10, 2016 sub mitted his resignation letter from the post of whole-time director and continued to act as a director of the corporate debtor. The said resignation was accepted by the board of direc....
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....laim of the applicant herein for salary in terms of offer letter is not valid and cannot be considered since the salary offered in the letter of offer was not recommended by the remuneration committee and approved by the board of directors and members of the corporate debtor. Further, the applicant is claiming salary for the period from May, 2015 to August, 2017 in spite of the fact that he resigned from the respondent-company from the post of whole-time director with effect from May 11, 2016 and received sitting fee at Rs. 9,000 for each meeting with effect from August 11, 2016 to March 30, 2017. Thereafter, the applicant received salary from April 1, 2016 till August, 2017 from Enhops Solutions P. Ltd. (x) That in response to the....
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....d at Rs. 1,00,00,000 and also employee stock options and preferential allotment of shares at Rs. 15 per share and at 20 per cent. discount on the prevailing price at BSE in the future and that he would be given a cumulative 15 per cent. of the net profits of his division as incentive at the end of the year and that the total amount of Rs. 1,64,05,838 (Rs. 1,71,32,000 + Rs. 6,23,838 -Rs. 13,50,000) was due and liable to be paid by the corporate debtor. 7. From the perusal of the documents it is observed that the applicant herein was duly present in the meeting dated May 29, 2015 wherein a resolution to consider his appointment on a remuneration of Rs. 30,99,998 per annum for a period of 3 years with effect from May 7, 2015 was confirmed a....