TaxTMI 
TaxTMI 
2022 (9) TMI 1163
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....Act, 1956 and has its registered office at 5th Floor Sangeet Plaza, Marol Maroshi Road, Opp. Marol Fire Station, Andheri (East) Mumbai- 400059. Its Company Identification Number (CIN) is U63000MH2006PTC158759. Therefore, this Bench has the jurisdiction to entertain this Petition. 3. The total amount of debt claimed is Rs.43,00,000/- (Rupees Forty-Three Lakh Only) and the date of default is 21.04.2018. Submissions made by the Ld. Counsel of the Operational Creditor: 4. The Operational Creditor was appointed as a Senior Manager - Finance & Administration with the Corporate Debtor w.e.f. 06.12.2006. 5. The Corporate Debtor promoted the Operational Creditor to the post of General Manager - India vide promotion and increment letter dated 01.04.2016 and revised the salary of the Operational Creditor to Rs.1,50,000/- by increment letter dated 01.02.2017. 6. The Operational Creditor submitted his resignation by e-mail dated 22.01.2018 and the Corporate Debtor relieved the Operational Creditor with immediate effect by issue of Relieving Letter dated 22.01.2018 and entered into a Non-disclosure Agreement (NDA) with the Operational Creditor on the very same day i.e. on 22.01.20....
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....he Corporate Debtor and demanded payment of the above aggregate amount of Rs.43,00,000/- (Rupees Forty-Three Lakhs Only) within 10 days of receipt of the above Demand Notice and the same was received by the Corporate Debtor on 02.01.2019. 14. The Corporate Debtor failed to reply to the above demand notice within 10 days and has given a false and frivolous reply (vide reply letter dated 29.01.2019, which was received by the Operational Creditor on 08.02.2019) stating that the penalty amount as claimed by the Operational Creditor has been consistently refuted by the Corporate Debtors and its representatives in numerous telephonic conversations, just in order to evade its said pecuniary liability towards the Operational Creditor. Submissions made by the Ld. Counsel of the Corporate Debtor: 15. The Operational Creditor was appointed as a Senior Manager Finance & Administration with the Corporate Debtor from 06.12.2006 and worked with the Corporate Debtor till 22.01.2018. 16. As per the employment contract every employee is required to serve a notice period of one month before leaving the job, however the Corporate Debtor Company thought it appropriate to inform the Operatio....
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....and hence stands disputed by the Corporate Debtor Company. The penalty as contemplated under Clause 2(f) of the Non-Disclosure Agreement is for violating the Covenants of Confidentiality and not for delayed gratuity payments as is sought to be interpreted by the Operational Creditor. 21. Without prejudice to the aforesaid, the Operational Creditor's claim for Gratuity was forwarded by the Corporate Debtor Company along with their other employee's claim to The Life Insurance Corporation of India on 05.04.2018. A copy of the letter sent by the Corporate Debtor Company to the Life Insurance Corporation of India is annexed as Annexure-B to the reply. The gratuity amount of the Operational Creditor was received by the Corporate Debtor Company only on 11.06.2018 and the same was released to the Operational Creditor at the earliest after completing all relevant formalities on 15.06.2018 along with all the other employees. A copy of the Bank Statement of the Corporate Debtor Company showing receipt of the Gratuity amount from Life Insurance Corporation on 11.06.2018 is annexed as Annexure- C to the Petition. Thus, there was no delay on the part of the Corporate Debtor Company in....
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.... the admission of the Petition. In view of this, this Adjudicating Authority admits this Petition and orders initiation of CIRP against the Corporate Debtor. 26. The petition bearing CP (IB) 973/MB/C-I/2019 filed by Ravindra Rawat, the Operational Creditor, under section 9 of the IBC read with rule 6(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against D B Group Indian Limited (CIN: U63000MH2006PTC158759) the Corporate Debtor, is admitted. 27. There shall be a moratorium under section 14 of the IBC, in regard to the following: a. The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b. Transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under....