Coimbatore: Companies with salary dues of more than Rs 1 lakh better watch out. In perhaps the first such ruling under the Insolvency and Bankruptcy Code (IBC), the National Company Law Tribunal (NCLT), New Delhi bench, has initiated corporate insolvency resolution proceedings (CIRP) against Noida-based Applied Electro Magnetic for failing to pay employee’s salary dues on time.
Nitin Gupta, a manager with the company, filed a petition against Applied Electro Magnetic, which provides embedded systems and solutions, under IBC as an operational creditor. Unpaid salary worked out to Rs 46.77 lakh since 2008 due to delayed and irregular payments by the company, he said in his petition. Operational creditors, which includes vendors a…
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