TaxTMI 
TaxTMI 
2021 (5) TMI 276
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....an (hereinafter referred to as ""Operational Creditor") for initiation of Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Viprah Technologies Limited (hereinafter referred to as "Corporate Debtor") on the ground of the Corporate Debtor defaulted in payment of an amount of Rs. 10,50,000/-. 2. On perusal of this Application, the averments made in the application, the Operational Creditor had entered into Directors Employment Agreement dated 01.08.2015 with the Corporate Debtor towards acting as a Director (Operations) in the Board of the Corporate Debtor and manage the business of the Corporate Debtor. The Operational Creditor had acted as a Director (Operations) for the period from 01.01.2016 to 31.03.2017 towards whi....
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.... on travel, daily conveyance, hotel and incidental expenses done on the company purpose to the tune of 3.5 lakhs will be paid. A summary statement to be provided by Arul; viii) CD payment interest will be considered upto 31st March 2017 at a rate of 10% on a pro rate basis. The decision for the share component will be decided by the company on a later date; ix) Bank of India liability of 24 lakhs availed on behalf of the company to be settled by the company on or before 31st Mar 2019 through an SPV non-lien account opened in the company's name with Main branch of Bank of India which shall help Arul to redeem his documents; x) As per the discussion, the business deal and payout has to be completed before 31st March 2019. During the....
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....ot been dated but has been signed by various parties. Pre-existing dispute between the parties based on the settlement has been arrived at. Since this matter is ex-parte, we do not have complete facts before this Adjudicating Authority. The Hon'ble Supreme Court in Mobilox Innovations Pvt. Ltd. vs. Kirusa Software Pvt. Ltd. has held that "40. It is clear, therefore, that once the operational creditor has filed an application, which is otherwise complete, the adjudicating authority must reject the application under Section 9(5)(2)(d) if notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility. It is clear that such notice must bring to the notice of the operational credi....