2019 (12) TMI 1437

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.... company of Corporate Debtor on 5-9-2017 as per the offer letter issued by the Corporate Debtor dated 23-8-2017. The Operational creditor continued to hold the same till 5-10-2018, when the operational creditor tendered advance notice of 30 days for his resignation. 3. As per the offer letter, the Annual Salary of the Operational Creditor was agreed to be Rs. 18,50,000/-. The Offer Letter confirmed that the minimum employment tenure for will be of one year. 4. The Corporate Debtor asked the Operational Creditor to start working with the Corporate Debtor from 5-9-2017. However, the Operational Creditor joined office from 9-9-2017 till 11-11-2018. The Operational Creditor continued to work with the office of corporate debtor. As per the....

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....the Operational Creditor to handover all the belongings of the Corporate Debtor to the Office of Corporate Debtor. The Operational Creditor handed over the same to the office of Corporate Debtor and a Declaration cum Undertaking was signed between Operational Creditor and the Corporate Debtor regarding the same. As per the averments made in the Application, even after the salary of Operational Creditor for the month of September, 2018 and October, 2018 and other incentives were not paid by the Corporate Debtor. Also, the Corporate Debtor, in the name of Tax Deduction at Source (TDS), deducted amounts from the salary of the Operational Creditor and did not submit it to the Income Tax Department. 8. The Operational Creditor sent Demand Not....

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....olvency & Bankruptcy Code, 2016 shall come into effect forthwith staying:- "(a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debt or any 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; ....