9911796707
TMI Blog2022 (10) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... Swiss Entertainment Pvt. Ltd. (hereinafter called "Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the Operational Creditor. This Petition has been filed by invoking the provisions of Section 9 Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The present Petition is filed before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of Principal sum of Rs.44,00,168/- (Rupees Forty-Four Lakhs One Hundred Sixty-Eight Only) together with interest until 29th March 2019 amounting to Rs.11,24,704/- (Rupees Eleven Lakhs Twenty-Four Thousand Seven Hundr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns have been attached to this Petition. Copies of the Demand Notice and the Reply have also been duly annexed to this Petition. 5. The Operational Creditor then issued a Demand Notice dated 2nd August 2018 to the Corporate Debtor demanding repayment of the outstanding dues. The Corporate Debtor filed a Reply dated 9th August 2018 to the said Notice wherein it was argued that a dispute already exists in respect of the said invoices as the Corporate Debtor was not satisfied with the quality of work performed by the Operational Creditor and this issue was brought to their attention vide Letter dated 17th March 2018. Meanwhile since no payment was made against the invoices, the Operational Creditor filed this Petition on 2nd April 2019. Copies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... longing to the Corporate Debtor leading to financial losses and vehemently denied any obligation to pay pending dues to the Operational Creditor. On perusal of the e-mail communications between the parties, it is observed that there was no reference to any form of dispute regarding quality of the work and in fact, the Operational Creditor sought necessary approvals from those representing the Corporate Debtor before sending or finalizing the posters and other publicity material to which the Corporate Debtor responded positively. Later, the movie was released and even at this stage there was no indication of any dispute. 8. It is therefore evident that the disputes raised by the Corporate Debtor vide Letter dated 17th March 2018 were an aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interim Resolution Professional having email address as [email protected] to carry out the functions as mentioned under the Insolvency & Bankruptcy Code, 2016. c. The Operational Creditor shall deposit an amount of Rs.2 Lakh towards the initial CIRP cost by way of a Demand Draft drawn in favour of the Interim Resolution Professional appointed herein, immediately upon communication of this Order. d. That this Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disposing of by the Corporate Debtor any o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
