VIDUL SHARMA Vs. TECHNOPAK ADVISORS PVT LTD

JUDGEMENT

(1.) The 'Operational Creditor' has approached this Tribunal with a prayer for initiation of corporate insolvency resolution process against the 'Corporate Debtor' -Respondent under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'). The Corporate Debtor is a solvent running entity as claimed by it. The dispute between the parties has been with regard to payment of salary. The total amount of salary, gratuity and provident fund claimed comes to Rs.6,33,777/-. The details of the same have been given in the petition, which are as under:- <FRM>JUDGEMENT_107_LAWS(NCLT)6_2017_1.html</FRM>

(2.) A perusal of the aforesaid statement would show that for every delayed payment simple interest @15% has been added. The element of interest is Rs. 58,264.02/-, Rs. 67,436.36/-+ Rs. 32,727.52/-.

(3.) During the course of proceedings and as per the own showing of the Applicant, a sum of Rs.3,77,150.00/-+Provident Fund of Rs. 13487/- has been paid. However, the professional charges and the element of interest are still outstanding.