TaxTMI 
TaxTMI 
2020 (10) TMI 322
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....nus, medical benefits etc. The employee remained in employment from March 2010 till 20.07.2015 and left the company after completion of 5 year term. It is claimed that as per the agreement the employee was eligible for retention bonus, LTA, leave encashment, bonus, gratuity etc. On 7.8.2015, corporate debtor determined the dues of the operational creditor as on that day and sent mail to the operational creditor to that effect. The operational creditor pursued with the corporate debtor through various emails thereafter. However, ultimately, the dues have not been paid. 2. The Ld. Counsel for the operational creditor appeared and narrated the facts. He also drew our attention to the relevant clause of the employment agreement to substantiate....
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....o claimed that the amount claimed as due were in fact not due in terms of the employment agreement. 4. In the rejoinder, the Ld. Counsel for the operational creditor submitted that mail id of the company had not been denied and such argument had been taken as an after-thought to avoid its liability. As regards to Power of Attorney, it was claimed that due to serious illness, proper Power of Attorney had been made. 5. We have considered the submissions made by both parties and have also perused the material on record. Notice under section 8 has been duly served, hence, the first primary condition is met. It is noted that rendering of service by operational creditor as per the terms and conditions of employment agreement is not in dispute. ....
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....o merit in the contention of the corporate debtor for the reason that no specific format has been provided in the IBC or regulations made thereunder. In our view such Power of Attorney has been properly executed as per general practice. We are further of the view that the "Doctrine of Substance over Form" is to be applied in case of economic legislation like IBC 2016 so that its objectives to promote entrepreneurship and economic growth coupled with balancing of interest of all stake holders are achieved. 7. Name of IRP has not been proposed which is not mandatory for application made under Section 9 of IBC. Hence, we will appoint the IRP from the approved list maintained by IBBI. In case such person does not accept the assignment, then an....
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....of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 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. v. The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated, suspended, or interrupted during moratorium period. vi. The provisions of sub-section (1) shall not apply to such transactions as may be notified by the C....