9911796707
TMI Blog2019 (7) TMI 1843X X X X Extracts X X X X X X X X Extracts X X X X ..... ising and Marketing Pvt. Ltd. ("the Respondent") under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") for the alleged default on the part of the Respondent in settling the dues of the Applicant to an extent of Rs. 17,47,436/for the services offered by the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant is engaged in the business of brand communication and strategr, designing and developing advertisements for various services and product ranges which can be released through different media. ii. The Respondent is an advertising agency media agency providing all media related services to its clients. iii. By a Memorandum of U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) the Respondent has made payment of Rs. 1,00,000/- on 20.06.2017 and an amount of Rs. 1,10,000/- on 07.07.2017 aggregating to an amount of Rs. 2,10,000/-. vii. With respect to the invoice mentioned at serial no. (b), the Respondent has made payment of Rs. 2,00,000/- on 12.10.2017, however failed and neglected to make the payment of Rs. 36,000/- towards GST. viii. With respect to invoice at serial no. (c) the Respondent has made payment of Rs. 59,52,520/- on 16.03.2018 and an amount of Rs. 5,90,000/- on 04.07.2018. The Respondent deducted an amount of Rs. 1,21,480/- towards TDS, however the said amount is not reflected in Form 26AS. ix. With respect to Invoice at serial no.(d), the Respondent has paid an amount of Rs. 22,16,889/- on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. The Respondent has not raised any complaint and/or expressed their dissatisfaction for the services rendered, despite which they have not made payments against the invoices raised. xv. In lieu of the invoices raised upon the Respondent remained unpaid, the Applicant finally served a demand notice on 03.12.2018 under Section 8 of the Code read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for an amount of Rs. 15,11,705/- along with an amount of Rs. 1,74,135/- towards delayed pay-in penalty charges from 17.06.2017 till 20.11.2018 of the same is outstanding, totaling to Rs. 16,85,840/- with respect to the unpaid invoices. xvi. However, the Respondent neither replied to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, no party has ever raised the expense which had accrued during the course of work. v. The services provided by the Applicant were not in accordance of the MoU. The Respondent was not satisfied with vendors which the Applicant had hired. The Respondent was not involved in any negotiations or finalizing the financial cost. vi. The operational debtor finalized the deals to direct the TV and YONO campaign of their known persons without going into the merits. 3. We have gone through the documents filed by both the parties and heard the arguments of both the counsels. The points raised by the Respondent are all technical in nature. The arbitration clause in the MOU cannot be a bar for the present proceedings as the Code will prevail ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an owner or lessor where such property is occupied by or in the possession of the Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process." 5. The interim resolution professional ("IRP"), named in the list provided by the IBBI, is Mr. Atul Tandon, email: [email protected], phone number: 9971221 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
