Ex-StanChart Research CEO Moves for Insolvency Over Dues

Amit Bansal, the recently terminated chief executive officer of Standard Chartered Research and Technology India Pvt. Ltd (SCRTIPL—known as Solv), has approached the National Company Law Tribunal (NCLT) seeking insolvency proceedings against his former employer.

- Neha Joshi

Bansal has alleged non-payment of dues and wrongful termination in his filing under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.

He has sought ₹1.05 crore in unpaid and statutory dues—including ₹12.4 lakh in salary up to his termination date, three months' notice period pay of ₹54.9 lakh, and encashment of 45 days' unavailed leave of ₹38 lakh.

Bansal has also sought compensation for 832,330.5 vested employee stock options (Esops), valued at ₹24.9 crore, alleging these were lawfully earned but "wrongfully denied or forfeited" by Solv. His total claim aggregates to ₹25.95 crore.

Bansal insisted that Solv acknowledged liability for due salary, notice, and leave encashment in correspondence but failed to pay, while "wrongfully" denying his vested Esops without justification.

The NCLT will assess whether Bansal's claims are recognized as "operational debt" under the IBC and if any default on payment justifies insolvency proceedings.

Admission of the case could subject Solv to a court-supervised resolution, potentially altering management or asset ownership.