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2020 (3) TMI 1210 - NATIONAL COMPANY LAW TRIBUNAL — HYDERABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - HELD THAT:- It is observed that the applicant herein was duly present in the meeting dated May 29, 2015 wherein a resolution to consider his appointment on a remuneration of ₹ 30,99,998 per annum for a period of 3 years with effect from May 7, 2015 was confirmed and the same was not denied. Further the applicant also continued to work as a whole-time director of the corporate debtor on the same salary/remuneration until he himself resigned from the post of the whole-time director on May 10, 2016 and continued as a director of the company thereafter, only claiming the sitting fees of ₹ 10,000 for each meeting. No documentary evidence has been placed on record to indicate that the petitioner had ever raised any objection to the payment of salaries at the rate of ₹ 30,99,998 per annum. Further, the offer letter dated March 16, 2015 clearly stipulates : "To formalise your acceptance of our offer, please sign, date and return a scanned copy of the letter as soon as possible". Thus, without acceptance of the offer, no contract can be deemed between the petitioner and the corporate debtor. The petitioner has not placed any signed copy of the offer letter signifying his acceptance of the same which was submitted back to the employer/corporate debtor. This Adjudicating Authority is not inclined to admit the instant application and the same is hereby rejected.
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