R Varadharajan, Member - (1.) This is an Application filed by the applicant herein claiming to be an erstwhile employee of the Corporate Debtor and that in relation to his employment while in service with the Corporate Debtor a sum of Rs. 11,53,069/- is due, as per the full and final account dated 28.04.2016 by which a sum of Rs.9,43,842/- was required to be paid in relation to the financial year 2016-17 and that in all a sum of Rs. 10,83,227 after deduction of TDS was agreed to be paid during the financial year 2017-18 and that a payment of Rs.11,53,069/- became due and payable on 10,7.2017 as per the final clearance issued on 28.04,2016 and after payments adjusted received thereafter.
(2.) The details of the Corporate Debtor as given in Part II of the Application filed by the Applicant discloses that the Corporate Debtor was incorporated on 29.8.1996 and that the nominal share capital of the Corporate Debtor is to the extent of Rs.2.50 crores and the paid up share capital of Rs.1.50 crores. It is also disclosed that the registered office of the Corporate Debtor is situated at D-74, Panchsheel Enclave, New Delhl-110017. In support of the claim, the Operational Creditor has enclosed a copy of the appointment letter dated 26.8.1994 a perusal of which shows that the Operational Creditor had been appointed as Assistant Manager (Marketing) . Subsequently, it is seen that vide letter dated 22.3.2001 issued by the Corporate Debtor, the Operational Creditor was named as Business Manager (CAOM) with effect from 1.4.2001 and transferred to Corporate Office, Bangalore and the salary slip issued on 10.11.2014 discloses that the annual remuneration of the Operational Creditor was to the extent of Rs.13,15,000/- including all allowances, perquisites with effect from 1.10.2014. During the year 2014, it has been averred by the Operational Creditor that the name of the Corporate Debtor was changed to the present name from that of "Cyber Media Research Limited".
(3.) On and from 1.5.2014, it is averred by the Operational Creditor that there has been a backlog in relation to payment of salary and pay plus bonus pending payment for several years and in the circumstances the Petitioner was forced to tender his resignation from the services of the Corporate Debtor on and from 2.5.2015. At the time of resignation, it is averred by the Operational Creditor, that he was employed as Associate Vice-President and that his resignation was accepted by the Corporate Debtor from 29.10.2015 with the acceptance date of resignation being from 10.11.2015 and the date of relieving as 10.2.2016. On 28.4.2016 the Corporate Debtor issued a full and final account as per which a sum of Rs.9,44,842/- was to be paid during the financial year 2016-17 and a sum of Rs.10,83, 227/- to be paid during the financial year 2017-18. Despite reminders since the payment was not forthcoming the Operational Creditor avers that a legal notice was issued to the Corporate Debtor and the same had also been served on 9.9.2016. In view of lack of response, on 22.11.2016 winding up Petition was filed before the Hon'ble High Court after the expiry of statutory period of 21 days and the said winding Petition was transferred to this Tribunal vide order dated 22.12.2016 and that on 9.2.2017 the said winding up Petition transferred from the Hon'ble High Court was withdrawn with a liberty to file appropriate Petition under Insolvency and Bankruptcy Code, 2016.;