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Judgment
This Appeal u/s 61 of the 'Insolvency & Bankruptcy Code', 2016 (IBC) has been filed against the order dated 10.08.2021 passed by the 'Adjudicating Authority' ('National Company Law Tribunal)', Mumbai Bench, Court No. III by which the application filed by the Appellant initiating 'Corporate Insolvency Resolution Process' (CIRP) has been rejected.
The notice was issued by the Appellant claiming to be the 'Operational Creditor'(OC) u/s 8(1) of the 'I&B' Code, 2016 demanding the arrears of a salary amounting to Rs. 29,82,500/- which notice was immediately replied within 10 days as required on 30.05.2019. In the reply to notice, the Respondent has submitted that the salary of the Appellant was reduced after assessment of the performance to Rs. 12 lacs p.a. instead of Rs. 24 lacs which he was getting earlier. Facts of dispute has been stated in para 10 and 11 of the reply to the notice. The 'Adjudicating Authority' had noticed that the dispute has been raised by the Respondent hence, the application has been rejected.
Learned Counsel for the Appellant challenging the order contends that there was no pre-existing dispute since there was no communication to the Appellant regarding any dispute.
We have heard the Learned Counsel for the Appellant and perused the records.
From the material which is brought on record, it does appear that after August 2017 till March 2019, the Appellant was in employment and receiving salary @12 lacs p.a. In the reply to the notice u/s 8(1) of the 'I&B' Code, 2016, specific mention of the dispute has been made relying on which the 'Adjudicating Authority' has rejected the application u/s 9 of the 'I&B' Code.
We are satisfied that there was reasons to accept that the dispute was raised in the reply notice within the meaning of Section 9 of the 'I&B' Code. We find no error in the impugned order, the appeal is dismissed.