TaxTMI 
TaxTMI 
2022 (2) TMI 962
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....nsolvency Resolution Process of the Respondent/Corporate Debtor on the grounds of their inability to liquidate the applicant's operational debt. 2. The facts mentioned in the application in brief are as follows:- i. That the Applicant had joined as the Regional Manager Sales of the Respondent Company vide appointment letter dt. 16.03.2018 for a Gross Annual Salary of Rs. 12,54,000/- including the Annual Performance Incentive. ii. That the Applicant had sent his resignation to the Respondent Company vide email dt. 03.11.2018 which was accepted vide email dt. 06.11.2018. iii. That the Respondent Company had defaulted in the payment of salary since the month of August, 2018. As on 30.11.2018, the Respondent Co....
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....nstant application/petition has been filed by the Applicant/Petitioner under section 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") against M/s. iScholar Education Service Pvt. Ltd. ("Respondent/Corporate Debtor") owing to default by the Corporate Debtor in payment of Salary and Consultation Fee of the Petitioner/Applicant. Total default amount is Rs. 3,35,916/-. Please see tabular computation at Page No. 16. 2. That the Applicant/Petitioner is an ex-employee of the Corporate Debtor. He joined the Corporate Debtor vide appointment letter dated 16.03.2018 (See Page No. 17-18) as Regional Manager Sales for a fixed salary of Rs. 95,000/- per month along with annual performance incentive of Rs. 1,14,000/-. 3. That ....
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.... Rs. 82,500/- dated 28.02.2019 (See Page No. 25). However, this invoice was also not paid by the Corporate Debtor. 7. That vide order dated 07.01.2020, the Corporate Debtor was proceeded ex-parte. However, it has filed its Reply along with an application to recall the order dated 07.01.2020. In the Reply, the Corporate Debtor has duly admitted that the Petitioner/Applicant was working as Regional Manager. However, it is the case of the Corporate/Debtor that the Petitioner/Applicant could not achieve the sales target and therefore, his full Salary was not paid. However, not a single document has been filed by the Corporate Debtor in support of their submission. 8. It is submitted despite repeated demand including demand not....
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....eceive as per the invoice raised in the month of February, 2019. The total amount of Commission is Rs. 69,915/- after adding the commission amount as per the averments made in Part-IV of the application, the defaulted amount is of Rs. 3,35,916/- and according to him the date of default is 31.08.2018. 6. We further notice that by filing the reply, the contention of the Respondent is that the probation period is of six months from the date of joining and since the performance of the Applicant was not satisfactory, therefore, the Applicant was terminated. The Respondent further claimed that due to the performance of the Applicant, the Respondent company had incurred a loss of Rs. 15,00,000/-. It is also the case of the Respondent that the c....
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....med that demand notice was delivered on 21/05/2019, as averred in the application. 9. In view of the aforesaid facts, we are of the considered view that as per Section 8(1) of IBC, 2016, the Applicant is required to deliver the Demand Notice before filing an application under Section 9 of IBC, 2016. Since, the Applicant has failed to deliver the demand notice to the Respondent before filing the Application under Section 9 of IBC, 2016, therefore, the present application is not maintainable. Hence, the same is liable to be dismissed on this ground alone. 10. Accordingly, the same is dismissed, being not maintainable. ============= Document 1 You are here Home>> Track Consignment Track Consignment * Indicates a required field....