Employees using insolvency law to recover unpaid salaries – Business Today

Arvind Gawda, a resident of Pune, has taken his employer Zeel Global Projects Private Limited  to the National Company Law Tribunal (NCLT) and started a bankruptcy proceeding against it for non-payment of salary amounting to Rs 1.5 lakh. The NCLT has admitted the case as Zeel Gobal Projects has admitted to non-payment of salary due to its ‘inability to make the payment on account of paucity of funds’.

The new bankruptcy law is proving to be a ‘recovery’ tool for many operational creditors including the employees, who are taking companies to the National Company Law Tribunal (NCLT) to recover their unpaid salaries. There are close to 10 cases out of 450 corpora…

Read the full article at: http://www.businesstoday.in/current/corporate/employees-using-insolvency-law-to-recover-unpaid-salaries-ibc-bankrptcy-code/story/266253.html