TaxTMI 
TaxTMI 
2021 (12) TMI 1054
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....2016") before this Tribunal on February 23, 2021 seeking initiation of the corporate insolvency resolution process against the corporate debtor, viz., M/s. Alectrona Energy P. Ltd. 2. The brief facts of the case are as follows : (i) The operational creditor vide appointment letter dated October 24, 2016 was appointed as an employee in the designation of President-operations in the corporate debtor-company and the monthly salary was fixed at Rs. 4,30,000. (ii) It was alleged that the corporate debtor was irregular in crediting salary in to the account of the operational creditor and hence the operational creditor has communicated his resignation through e-mail and letter dated February 26, 2018 and May 17, 2018 to the co....
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....he petitioner seeks liberty to approach this Tribunal. Taking in to consideration the representation of learned counsel for the petitioner and the joint memo filed, this petition stands dismissed as withdrawn with the liberty to the petitioner to file a fresh petition as sought for the balance claim unpaid." 3. Learned counsel for the operational creditor submitted that as per the joint memo which was recorded in the order dated December 17, 2019 passed in I. B. A. No. 137 of 2019 the corporate debtor is required to make the payment on or before January 31, 2020 to the operational creditor, however has failed to do so. Thereafter it was submitted that the operational creditor waited till the second week of February 2020 and since no mone....
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....on 4 of the IBC, 2016 and hence the present application is to be dismissed in limine. 6. Learned counsel for the respondent further submits that the operational creditor has concealed the fact that the corporate debtor has sent a reply to the demand notice on March 5, 2020 wherein it has been stated that the corporate debtor has agreed to pay the sum of Rs. 26,66,000 as stated in the order dated December 17, 2019 of this Tribunal provided the operational creditor agrees to give an undertaking that he would not make any further claims against the corporate debtor, to which, it was submitted that the operational creditor has not given any undertaking. 7. Further, it was submitted that the operational creditor has wilfully suppressed the....
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....imit for filing an application under sections 7, 9 and 10 of the IBC, 2016 was Rs. 1 lakh. However, the Central Government through the Ministry of Corporate Affairs vide Notification No. S. O. 1205(E), dated March 24, 2020 has increased the minimum threshold limited from Rs. 1 lakh to Rs. 1 crore. Hence, on and from March 24, 2020 all the applications filed under sections 7, 9 and 10 of the IBC, 2016 before this Tribunal are required to satisfy the said condition and the debt amount due as claimed in Part-IV of the application is required to cross the threshold limit of Rs. 1 crore. A liberty granted by this Tribunal, cannot act in derogation or in violation of the law which is prevailing time being in force. Also we are of the view that a ....