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2020 (10) TMI 322 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHMaintainability of application - initiation of CIRP - Salary, retention bonus and other dues of former employees - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Non-propsal of name of IRP - HELD THAT:- no material has been brought on record to show that operational creditor who was CEO of the company was in fact communicating with unauthorised person. In the case of Mobilox, the Hon'ble Supreme Court had clearly held that feeble contentions regarding pre existing dispute or other aspect cannot be given undue weightage so as to thwart the process of CIRP. In the present case, as stated earlier, a series of mails have been exchanged from the valid mail of the corporate debtor. The retention bonus has become due only on completion of the term, hence, it appears to be a case where such payment is not made merely for the reason that services have already been obtained which is quite commonly observed in real business situations when intention becomes not to pay. There is no merit in the contention of the corporate debtor for the reason that no specific format has been provided in the IBC or regulations made thereunder. In our view such Power of Attorney has been properly executed as per general practice. We are further of the view that the "Doctrine of Substance over Form" is to be applied in case of economic legislation like IBC 2016 so that its objectives to promote entrepreneurship and economic growth coupled with balancing of interest of all stake holders are achieved - Name of IRP has not been proposed which is not mandatory for application made under Section 9 of IBC. Hence, we will appoint the IRP from the approved list maintained by IBBI. In case such person does not accept the assignment, then another person would be appointed. This application is liable to be admitted. The application is otherwise complete in all respects - application admitted - moratorium declared.
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