NATIONAL COMPANY LAW TRIBUNAL

COURT-V, MUMBAI BENCH

IN THE MATTER OF

Rahul Nath

VS

Art the Globe Tours Private Limited

U/s 9 of the Insolvency and Bankruptcy Code, 2016

Order Delivered on 04.09.2025

CORAM:

SH. MOHAN PRASAD TIWARI SH. CHARANJEET SINGH GULATI

MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Petitioner:

For the Respondent:

________________________________________________________________

ORDER NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH, COURT – V Under Section 9 of the Insolvency and Bankruptcy Code, 2016 IN THE MATTER OF Rahul Nath D-31, Ansal Villas, Satbari Chhatarpur, New Delhi – 110074 … Petitioner/Operational Creditor Versus Art the Globe Tours Private Limited Unit No 206/207, 2nd Floor B-Wing Dynasty Business Park, Andheri Kurla Road Andheri (East), JB Nagar, Mumbai, Maharashtra – 400059 … Respondent/Corporate Debtor Order Dated: 04.09.2025.

C.P. (IB)/463(MB)2024: The above CP is listed for pronouncement of the order.

The same is pronounced in open court, vide a separate order.

Sd/- Sd/-

CHARANJEET SINGH GULATI MOHAN PRASAD TIWARI

Member (Technical) Member (Judicial)

//Rahul//

Coram:

Sh. Mohan Prasad Tiwari, Hon’ble Member (Judicial)

Sh. Charanjeet Singh Gulati, Hon’ble Member (Technical)

Appearance through VC/Physical/Hybrid Mode:

For the Operational Creditor: - Adv. Shriya Nalawade / Adv. Shyam Kapadia For the Respondent: - Adv Divya Gupta ORDER

1. The Company petition is filed by Mr. Rahul Nath (“Petitioner /Operational Creditor”) on 28.06.2024 seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) process against M/s. Art the Globe Tours Private Limited (“Respondent/Corporate Debtor”) by invoking the provisions of Section 9 of Insolvency and Bankruptcy Code (“IBC/ the Code”) read with Rule 6 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for debt amounting to Rs. 1,06,91,410 along with interest of Rs. 5,94,493.15 @18% per annum till 05.03.2024 with the date of default being 01.08.2023.

Facts of the case, in Brief:

2. M/s. Art the Globe Tours Private Ltd. incorporated in March 2022 under the Companies Act, 2013, provides ticketing and travel services to corporates. The Directors are Mr. Vinod Kumar Gupta and Mrs.

Sushila Gupta.

3. In December 2022, Mr. Vinod Kumar Gupta (‘VKG’), Director of the Corporate Debtor, met Mr. Rahul Nath in Chicago and, impressed by his expertise, proposed him to join as President of the Respondent Company. VKG disclosed his U.S. company, Across the Globe Inc., and his newly incorporated Indian company, M/s. Art the Globe Tours Private Ltd.

4. The formal contract, based on the sample employee agreement of the Respondent Company, was to be signed on 28.04.2023, however, it remained unsigned by the parties. Despite this, the Petitioner commenced work as President of the Respondent Company from

01.04.2023. This position is confirmed by the Board Resolution dated 03.06.2023, which delegated certain decision-making powers to the Petitioner.

5. On 21.11.2023, Petitioner, emailed his resignation letter to the Corporate Debtor. Prior to the resignation, the parties acted in furtherance of the agreement, as shown by salary payments to the Petitioner. However, payments were delayed or unpaid from July 2023, entitling him to interest. Consultancy fees due from September 2023 also remain entirely unpaid.

6. The aggregate amount of default being Rs.1,06,91,410.00, under the employment agreement and the consultancy agreement and interest of Rs. 5,94,493.15, calculated @ 18 % per annum, necessitated filing of the present Petition.

Submission of the Petitioner, in Brief:

7. Mr. Rahul Nath is entitled to payments for employment and consultancy services rendered from April, 2023 with the M/s. Art the Globe Tours Private Limited.

8. Under Part IV of Form 5 of the Petition, the Petitioner has given the details of Operational Debt, particulars of which are as extracted below:

PART IV

9. It is submitted that the Corporate Debtor agreed to pay Rs. 6 Lakhs per month