AJAY SADANA Vs. ACTEON INDIA PVT LTD

JUDGEMENT

(1.) This application to initiate Corporate Insolvency Process in respect of M/s. Acteon India Private Limited, (hereinafter called as respondent/corporate debtor) under section 9 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") is filed by Mr. Ajay Sadana (hereinafter called as applicant/operational creditor) who is an ex-employee of respondent corporate debtor M/s. Acteon India Pvt. Ltd.

(2.) The facts in brief that are necessary for disposal of this application are as follows:-

(3.) The respondent operational debtor is a company registered under the Companies Act, 1956 engaged in the business of import, sales and service of electronic goods comprising of dental and medical equipment. The applicant was working with the corporate debtor since last 22 years i.e. since September, 1994. In 2009 the corporate debtors promoted the applicant to the post of Managing Director and the tenure of the applicant as Managing Director was extended on various occasions by the corporate debtors. On 28.04.2017, the corporate debtors illegally terminated the applicant contra to the manner and procedures set out under the Employment Agreement read with the Companies Act, 2013. The applicant was receiving a salary of Rs. 6,87,670/- per month excluding annual incentives, gratuity and superannuation benefits, as per the terms and conditions incorporated in the employment agreement dated 18.11.2015 read with Remuneration Agreement dated 07.04.2016.