TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 305
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....essional as prescribed under the Code and Rules thereon. 2. The averments of the petition filed by Mr. Ratna Prakash Golla/Operational Creditor in brief are described hereunder: i. It is averred that M/s. Jacobs Infrastructure Private Limited/Corporate Debtor had issued an Offer Letter dated 02.05.2013 to Mr. Ratna Prakash Golla/Operational Creditor and upon his acceptance, the Corporate Debtor had appointed him vide Appointment Letter dated 30.05.2013 as Manager-Construction with a CTC of Rs. 7,50,000/- per annum. Copies of the Offer Letter and Appointment Letters are annexed as Annexure-3 & 4 of the application respectively. ii. It is averred that the Operational Creditor had rendered his services to the Corporate Debtor without any remark. Salaries were being regularly paid by the Corporate Debtor until June, 2016 and PF amounts were also being deducted by the Corporate Debtor for the salaries paid. The Operational Creditor's position has been shifted to Manager-Projects and later on to Sr. Manager in the month of October, 2016 with a revised salary of Rs. 9,00,000/- and Annual Performance Pay of Rs. 1,50,000/-. Copies of Employee Pay slips are annexed as Annexure-5 of ....
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....nager-Construction and considering the approach and request of the Operational Creditor and after examining his credentials, the Corporate Debtor issued Offer Letter dated 02.05.2013. v. In reply to para 2 of the application, it is averred that it is true that the Corporate Debtor after receiving consent from the Operational Creditor had issued Appointment letter dated 30.05.2013. vi. In reply to para 3 of the application, it is denied that the operational creditor subsequent to his appointment as Manager-Construction has rendered his services to the Corporate Debtor without any remark. However, despite the deficiency in the level of services provided by the Operational Creditor, the Corporate Debtor continued to pay his salaries. Subsequently, considering the age criteria of the operational creditor among other staff, the Operational Creditor was promoted to the stage of Sr. Manager in the year 2016 informing that his services should not be less than the required for the Sr. Manager position and that he will be removed from the services if there exists any deficiency in the level of services. Thus, it is evident that the operational creditor had not rendered his services upto ....
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.... prayed to grant reasonable time for clearing all the outstanding amounts. It is also averred that the fact remains that there always existed deficiency in the level of services rendered by the operational creditor in both the positions as a Manager-Construction and as a Senior Manager. Having rendered defective services, it is not just on part of the Operational Creditor to file the instant petition against the Corporate Debtor herein. It is also averred that the present petition is not maintainable on the said grounds and is ought to be dismissed. xii. It is averred that the Corporate Debtor had been doing its business in a smooth and profitable manner and had been regular in paying all its creditors. Due to downfall in the business area of the Corporate Debtor, the Corporate Debtor started facing financial difficulties and is now standing in a position where it is unable to pay its creditors and employees. However, the Operational Creditor not considering the request of the Corporate Debtor had filed the instant petition for initiating Corporate Insolvency Resolution Process. It is also averred that the present petition is only a frivolous, unjust and unlawful claim being made....
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.... has no choice but to file the present petition under Section 9 of I&B Code, 2016. 5. We have heard the learned counsel for Operational Creditor. The learned counsel would contend that the Operational Creditor was appointed as Manager Construction with a CTC of Rs. 7,50,000/- per annum. As the Operational Creditor had rendered his services to the Corporate Debtor without any remark and Salaries were being regularly paid by the Corporate Debtor until June, 2016 and PF also deducted from the salaries till such time. 6. The Counsel for Operational Creditor would contend that the Operational Creditor's position has been shifted to Manager-Projects and later on to Sr. Manager in the month of October, 2016 with a revised salary of Rs. 9,00,000/- and Annual Performance Pay of Rs. 1,50,000/-. The Corporate Debtor had made a part payment of Rs. 1,30,000/- for the period from July, 2016 to July, 2017 to the Operational Creditor. The Operational Creditor submitted a Resignation Letter dated 30.06.2017 with one month notice and the Corporate Debtor relieved him vide letter dated 30.07.2017 assuring that the salary dues will be paid as soon as possible. 7. The counsel for Operational Cre....
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....that the fact remains that there always existed deficiency in the level of services rendered by the operational creditor in both the positions as a Manager-Construction and as a Senior Manager. Having rendered defective services, it is not just on part of the Operational Creditor to file the instant petition against the Corporate Debtor herein. It is also averred that the present petition is not maintainable on the said grounds and is ought to be dismissed. 10. The Counsel for Corporate Debtor would contend that Corporate Debtor had been doing its business in a smooth and profitable manner and had been regular in paying all its creditors. Due to downfall in the business area of the Corporate Debtor, the Corporate Debtor started facing financial difficulties and is now standing in a position where it is unable to pay its creditors and employees. 11. The Counsel for Operational Creditor would contend that the averments made in the counter are vague statements made by the Corporate Debtor without any documentary evidence. The Corporate Debtor is put to strict proof of evidence of their claim and the Operational Creditor is an employee of the Corporate Debtor to whom the Corporate De....
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....y the application for CIRP of the Operational Creditor has been admitted. 17. The Operational Creditor has not named anyone as Interim Resolution Professional and has requested the Tribunal to appoint one for the Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (IBBI) has recommended a panel of Insolvency Professionals for appointment as Insolvency Resolution Professional for the period from 1st January, 2021 to 30th June, 2021 in compliance with Section 16(3)(a) of the Code in order to avoid delay. Accordingly, this Tribunal appoints Mr. Chandra Sekhar Arasada having Registration No. IBBI/IPA-001/IP-P00670/2017-2018/11138, as Interim Resolution Professional. The aforesaid interim resolution professional has no disciplinary proceedings pending against him. He shall file his written communication and all relevant paper immediately before Registrar of this Tribunal but not later than two days. 18. Hence, the Adjudicating Authority admits this Petition under Section 9 of IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with the following directions:- i. The Bench hereby prohibits the institution of suits o....