Page 171 - IBC Orders us 7-CA Mukesh Mohan

Order Passed Under Sec 7
Hon’ble NCLT Principal Bench

"3.1 The compensation of Rs. 54,00,000/- per annum to be broken down into a monthly payment

of Rs. 4,50,000/- per month.

3.2 Performance related pay limited to 2% (two percent) of the profit after tax at the end of the

financial year."

In addition to above 'Operational Creditor' is also entitled to get the benefits under the Group Insurance

Scheme of the Company. As per the terms set out in the aforesaid agreement, `Operational Creditor'
raised timely bills on monthly basis for the management consultancy services, which 'Corporate Debtor'
never disputed. As per the 'Operational Creditor' till 30.05.2016 payment was made by the 'Corporate

Debtor' but thereafter 'Corporate Debtor' failed to make the payment.

4. The details of the unpaid bills are as under:-

S.No. Date of Bill Period Amount (Rs.)
1 01.07.2016 01.06.2016 to 30.06.2016 4,50,000

2 01.08.2016 01.07.2016 to 31.07.2016 4,50,000
3 31.08.2016 01.08.2016 to 31.08.2016 4,50,000

4 30.09.2016 01.09.2016 to 30.09.2016 4,50,000
5 31.10.2016 01.10.2016 to 31.10.2016 4,50,000

6 30.11.2016 01.11.2016 to 30.11.2016 4,50,000
7 31.12.2016 01.12.2016 to 31.12.2016 4,50,000

8 01.02.2017 01.01.2017 to 31.01.2017 4,50,000
9 01.03.2017 01.02.2017 to 28.02.2017 4,50,000

Copies of the invoices demanding payment have also been placed on record (Annexure-2).

5. 'Operational Creditor' further claims that as per the agreed terms, Operational Creditor is also entitled
to receive 2% (two percent) of the profit of the financial year 2015-16, amounting to Rs, 9,64,324/-.
Operational Creditor' has further asserted that in aforesaid circumstances 'Corporate Debtor' is under

obligation to make the payment of above outstanding amount alongwith interest 18% till the realization
of the payment. A copy of statement of account has also been placed on record (Annexure4), Another

table showing the monthly remuneration due plus 2% of the profit for the financial year 2015-16 as well
as interest @18% per annum, is also projected in the application which is as under:-

Particulars Amount (Rs.)

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