TaxTMI 
TaxTMI 
2021 (8) TMI 856
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.... MFC Pvt. Ltd., (hereinafter called "Corporate Debtor") alleging that the Corporate debtor committed default in making payment to the Financial Creditor. This petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 23,00,000/- to the Operational Creditor. 3. Background of Facts leading to the present petition:- i. The Operational Creditor is a former employee of the Operational Creditor who started working as 'Head....
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....store the salary as it was getting impossible to manage affairs and sought CD's support to the extent. No response was received to this email. iv. Upon having more than 14 months passed since the arbitration reduction in the salary, Operational Creditor wrote another email dated 10.10.2018 again requesting Corporate Debtor to immediately restore the salary since the Operational Creditor was facing health issues and had to invest in hearing devices for personal use. No response was again received tot his email. v. Five months thereafter, the Operational Creditor attained the age of superannuation (was asked by Corporate Debtor to retire with effect from 30.03.2019). After handing over office equipment, the office vehicle an....
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....uced the salary and if further stated that the performance report and relevant excel sheets shall be placed on record before this Hon'ble Tribunal. 4. Submissions of the Corporate Debtor are as follows: i. The Operational Creditor joined the services of Corporate Debtor in December, 2010 as per offer letter dated 08.12.2010. ii. It is admitted position that the starting salary of the Operational Creditor was Rs. 2,00,000/- (Rupees Two Lakhs Only) per month, including a basic pay of Rs. 65,000/- (Rupees Sixty Five Thousand Only) per month. iii. It is also an admitted position that, the salary of the Operational Creditor was reduced from Rs. 2,00,000/- per month to Rs. 1,00,000/- from August, 2017 till his retire....
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....any grievance on the ground of reduction of salary. It is inconceivable that Operational Creditor had been paid half of his salary for over two years and he did not raise any objection throughout the said period. In fact the contention of the Corporate Debtor is eminently more plausible that the salary of the Operational Creditor was reduced because of lack of performance to his knowledge and it is in that background that the Operational Creditor has received the reduced salary without any protest. Furthermore, it is pertinent to note that, in fact during this period from August 2017 to March 2019 whereby reduced salary is received by Operational Creditor has availed of loan from the Corporate Debtor. The Corporate Debtor Company had infact....