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TMI Blog2018 (7) TMI 1912X X X X Extracts X X X X X X X X Extracts X X X X ..... lary - Rs. 2,60,000/- per month, (ii) Special allowance - Rs. 4,50,000/- per month, (iii) House Rent Allowance/Lease - Rs. 1,30,000/- per month and (iv) Leave Travel Allowance - Rs. 2,50,000/- per month. 3. The petitioner contends that due to some personal inconvenience, he could not continue in the company and tendered his resignation on 11.05.2017 and considering his resignation, he has been relieved from the Corporate Debtor company w.e.f. 10.07.2017. The copy of the Relieving Order is produced and shown at page No. 58 of the application. Despite his resignation, the salary from the month of November, 2016 is due and despite demand, the Corporate Debtor does not care to pay the arrears of salary due to the applicant. According to him, the grand total dues is Rs. 68,53,798/- with interest @18%. Claiming the above said amount, the applicant issued a demand notice. The demand notice dated 23.10.2017 has been served upon the Corporate Debtor on 31.10.2017. The copy of the demand notice is produced and marked as Annexure-I at page No.23. The Respondent/Corporate Debtor sent a reply (Annexure-IIA) at page 67 contending untenable contentions and raising false allegations levelle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w.e.f. 01.12.2014 to 30.11.2017 and no approval had been received by the Corporate Debtor for payment of Rs. 1,23,53,900/- as remuneration to the Operational Creditor, as claimed. A copy of the approval from the Central Government has been annexed and marked as Annexure "C" to the reply. 8. The Corporate Debtor further contends that since existence of dispute stand proved on the side of corporate debtor the application liable to be rejected. The Operational Creditor has deliberately filed the instant application without disclosing the materials facts and suppressing vital information. 9. Heard both the sides. Perused the records. 10. The applicant, was an employee of the Corporate Debtor. He was appointed as per appointment letter dated 01.12.2014 as the Managing Director and CEO of the company. The salary and allowance as agreed by the Corporate Debtor to pay to the applicant is mentioned in the appointment letter but however terms and conditions of the payment of salaries and allowances is subject to approval of shareholders and Central Government. 11. According to the applicant, due to some personal reasons, he resigned from the employment of the company and his resignation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or proposed to be purchased by the Corporate Debtor and produced an e-mail to strengthen the said contention. It is further submitted on the side of the respondent that since the Central Government did not approve the salary and allowances as per the appointment order he can claim only remuneration at the rate of Rs. 84 lakhs per annum and therefore, the petitioner's plea could not be entertained. Highlighting the above said contentions Ld. Counsel for the respondent submits that pre-existing dispute regarding the rate of monthly salary and allowances stand proved in the case and since an enquiry is pending for consideration this application is liable to be dismissed. To strengthen his said submission he referred to three documents annexed with the reply affidavit and marked as Annexures "A", "B" and "C" at page Nos. 8 to 10. Exhibit "A" is dated 10th June, 2017 allegedly an internal memo issued to the applicant. 14. It is significant to note here that the said internal memo is purported to be issued on the applicant on 10.06.2017, subsequent to the tendering resignation letter by the applicant. The applicant tendered his resignation on 11.05.2017. No supporting proof produced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fixed subject to approval of the Central Government. Annexure "C" produced along with the reply affidavit is not an authentic copy. It does not contain signature of the Under Secretary to the Govt. of India, who allegedly issued the letter to the Corporate Debtor. It seems to be dated 24.08.2016. If it is a letter addressed to the Corporate Debtor from the Central Government approving the rate of remuneration, it would have find a place in the Relieving Order. Therefore none of the contentions put forward by the Corporate Debtor comes under the purview of section 5(6) of the Code, so as to hold that there is pre-existing dispute so as to reject the claim of this nature. 18. On the other hand, the applicant succeeds in establishing that more than Rs. 1 lakh is due to him from the Corporate Debtor as arrears of salary even if the rate of his salary is reduced to Rs. 84 lakhs per annum. The applicant succeeds in establishing that arrears of salary is due to him from the respondent and that despite demand the respondent failed to repay raising untenable contentions. The applicant also proves that he has complied with all the requirements to be meted out under section 9(5) and filed af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation with any financial sector regulator. (vi) The order of moratorium shall affect the date of admission till the completion of the Corporate Insolvency Resolution Process. (vii) Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Sec.31 or passes an order for liquidation of corporate debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. (viii) Necessary public announcement as per Sec.15 of the IBC, 2016 may be made by the resolution professional upon receipt of the copy of this order. (ix) Mr. Anil Anchalia (Mobile No. 8100310299, 7980034291) having email [email protected], Registration No.lBBI/IPA-001/IP-P00049/2017-18/10123 is appointed as Interim Resolution Professional for ascertaining the particulars of creditors and convening a meeting of Committee of Creditors for evolving a resolution plan and submitting the progress report before the Adjudicating Authority. (x) The Interim Resolution Professional should convene a meeting of the Committee of Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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