JUDGMENT

Dharmesh Sharma, J. (Oral)

1. This hearing is being conducted through hybrid mode.

2. The instant company petition has been instituted under Section 433(e) read with Sections 434 and 439 of the Companies Act, 1956, seeking winding up of the respondent company - DSC Limited, predicated on the non-payment of an outstanding amount of Rs. 35,82,552.90/- along with interest payable @ 24% per annum.

3. Briefly stated, pursuant to an Offer Letter dated 05.08.2010, the petitioner herein was appointed by the respondent company to the designation of 'President P&E' vide Appointment Letter dated 15.09.2010. It is stated that the petitioner was appointed at a salary of Rs. 7,50,000/- per month and was further entitled to a sum of Rs. 20,00,000/- per annum, said amount being in the nature of a Performance Linked Incentive (PLI). Subsequently, the respondent company delayed/stopped the payment of monthly salary and incentives to the petitioner from 01.01.2012 and it is stated that the petitioner was ill-treated by the respondent company and its management. Owing to the same, the petitioner was compelled to tender his resignation vide letter dated 09.04.2012, which was accepted by the respon