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 the applicant joined Respondent Company as a Consultant, w.e.f. 01.04.2008 on a fee of Rs. 4,25,000/- per month. Subsequently, in a short period of 4 months applicant was upgraded from the position of a consultant to a position of Senior Advisor on the yearly emoluments of Rs. 37.08 lacs plus the reimbursement of expenses, Mobile Phone, Conveyance and travel expenses etc. The applicant was then upgraded as a director of the corporate debtor company on 05.10.2009.
(3.) It is submitted that due to non-allotment of license to operate mobile services by Government of India, the financial health of the company started deteriorating and applicant was paid less salary for the months May and June 2011, and thereafter vide letter dated 27.07.2011 respondent company requested the applicant to continue to render his services and promised that company will make good the dues of the applicant after receiving its dues from Government of India.;