**Amit Bansal Seeks Insolvency Proceedings Against Standard Chartered Research**
Amit Bansal, the recently dismissed CEO of Standard Chartered Research and Technology India Pvt. Ltd (SCRTIPL), also known as Solv, has filed a petition with the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against his former employer. Bansal claims he has not received due payments and alleges wrongful termination under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016.
In his filing, Bansal is seeking ₹1.05 crore in unpaid and statutory dues, which includes ₹12.4 lakh in salary owed up to his termination, ₹54.9 lakh for three months’ notice period pay, and ₹38 lakh for the encashment of 45 days of unutilized leave. Additionally, he is claiming compensation for 832,330.5 vested employee stock options (ESOPs), valued at ₹24.9 crore, which he asserts were rightfully earned but wrongfully denied or forfeited by Solv. His total claim amounts to ₹25.95 crore.
Bansal contends that Solv acknowledged its liability for the unpaid salary, notice period, and leave encashment in prior communications but failed to fulfill these obligations. He also argues that the denial of his vested ESOPs was unjustified. The NCLT will evaluate whether Bansal’s claims qualify as “operational debt” under the IBC and if there has been a default in payment that warrants insolvency proceedings. If the case is admitted, it could lead to a court-supervised resolution, potentially impacting Solv’s management or asset ownership.
In his petition submitted to the Bengaluru bench of the NCLT, Bansal noted that since taking on the role of CEO in April 2021, he played a pivotal role in establishing Solv as a leading marketplace for micro, small, and medium enterprises. By early 2025, Solv achieved a valuation of nearly $400 million and gross merchandise value of $650 million, serving over 400,000 small businesses. However, on February 19, 2025, Standard Chartered Research terminated Bansal’s employment. He claims the dismissal was sudden, lacked due process, and was retaliatory, particularly after he raised concerns regarding corporate governance and his exclusion from merger discussions with Jumbotail Technologies.
Bansal’s termination letter outlined the payment of salary, notice period dues, and leave encashment, which he asserts remain unpaid. He filed his petition on July 29, and during the hearing on August 1, Standard Chartered Research requested additional time to respond. The court has yet to announce the next hearing date.
Legal experts emphasize that the NCLT’s jurisdiction extends beyond employment disputes, as it can assess whether the removal of key managerial personnel constitutes shareholder oppression or poor governance. Notable precedents include the NCLT’s support for Tata Sons in dismissing Cyrus Mistry, while siding with Vikram Bakshi in the McDonald’s dispute.
**FAQ**
**What are the implications of Bansal’s insolvency petition against Solv?**
If the NCLT admits Bansal’s petition, it could lead to a court-supervised resolution process for Solv, potentially resulting in changes to its management or ownership structure.
