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TMI Blog2021 (11) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... ns Ltd., to whom services were provided by OC merged with Times Internet Ltd vide Order dated 26.9.14 of Hon'ble High Court of Delhi (HC) (Pg 70 of Petition). It is alleged that CD defaulted in settling the amount of Rs. 87,81,526 including Rs. 36,58,982 as principal amount (Pg 11 of affidavit filed on 26.02.20); the alleged default occurred on 02.04.14 for carrying out assignments like providing bouquet of services under the umbrella set up and providing supply of exhibition, publicity materials, stationery items etc. The details of transactions leading to the filing of this Petition, as averred by the OC, are as follow: * CD approached OC for exhibitions and promotion of its product MagicBricks.com at various places in India. A Serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... barred by limitation and no amount is due or payable. 3. It is seen from the records mat CD has not filed reply to the petition till reserving the Order on 28.9.21. 4. Heard the parties and perused the records. 5. The provisions pertaining to filing a petition for initiation of CIRP by OC are given under Section 9 of IBC. Before filing of Section 9 petition, the OC shall issue demand notice under Section 8 of the IBC. Section 8 and Section 9 have been reproduced below: 8. Insolvency resolution by operational creditor. (1) An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocess. (2) The application under sub-section (1) shall be filed in such form and manner and accompanied with such fee as may be prescribed. (3) The operational creditor shall, along with the application furnish- (a) a copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor; (b) an affidavit to the effect that there is no notice given by the corporate debtor relating to a dispute of the unpaid operational debt; (c) a copy of the certificate from the financial institutions maintaining accounts of the operational creditor confirming that there is no payment of an unpaid operational debt by the corporate debtor, if available; (d) a copy of any record with information utili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otice for payment to the corporate debtor; (d) notice of dispute has been received by the operational creditor or there is a record, of dispute in the information utility; or (e) any disciplinary proceeding is pending against any proposed resolution professional: Provided that Adjudicating Authority, shall before rejecting an application under subclause (a) of clause (ii) give a notice to the applicant to rectify the defect in his application within seven days of the date of receipt of such notice from the Adjudicating Authority. (6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5) of this section. 6. While applying aforementioned provisions over the fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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