S.K. Mohapatra, Member - (1.)This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') with a prayer for initiation of Corporate Insolvency Resolution Process in respect of respondent corporate debtor.
(2.)It is the case of the applicant that he was appointed by respondent company M/s. Applied Electro Magnetics Pvt. Ltd. vide letter No. 2008/3871 dated 7th May, 2008 as Manager R & D (Railway Projects) and placed in M-2, Grade with effect from 7th May, 2008 at the basic salary of Rs. 17000/- per month along with House Rent 55% of basic salary per month, with PF, Gratuity, LTA etc. The appointment letter dated 7th May 2008 issued by the respondent company has been placed on record.
(3.)It is submitted that the operational creditor, was appreciated for his work by the respondent Corporate Debtor and the respondent company has revised/increased the salary package of applicant operational creditor continuously and consecutively in year 2009, 2010 and 2013 respectively. It is stated that in 2013 the salary package of operational creditor was enhanced from Rs. 11 lac to Rs. 14 lac(approx) per annum.