TaxTMI 
TaxTMI 
2017 (12) TMI 648
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....Corporate Debtor is given as under: (i) The Corporate Debtor is Respondent above named, namely, Ambience Private Limited. (ii) The Corporate Debtor is stated to have been incorporated on 14.4.1986. (iii) The authorized capital of the Corporate Debtor is stated to be Rs. 4,00,00,00,000/-. (iv) The paid-up capital of the Corporate Debtor is stated to be to the extent of Rs. 3,02,83,76,000/-. (v) Registered office of the Corporate Debtor is stated to be situated at L-4, Green Park Extension, New Delhi-110 016. 2. Part IV of the Application as filed by the Applicant/Operational Creditor gives details of the operational debt which has arisen out of transaction between the Operational Creditor and t....
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.... about payment, the Corporate Debtor it is claimed could not pay the due amount to the Operational Creditor. Further numerous correspondence/requests, also did not yield any result and in the circumstances the Operational Creditor was forced to issue notice as provided for under Section 8 of IBC, 2016 on 19.4.2017 demanding payment in respect of unpaid operational debt for the sum of Rs. 91,71,988/- which it is averred includes a sum of Rs. 61,85,400/- payable under the invoices and the rest in relation to interest as of April/2017. The Operational Creditor avers that the said notice was duly issued under the hand of one Mr. Sunjjoy Daadhicch, Director of the Operational Creditor. The above notice was served on the Corporate Debtor as evide....
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....ile taking up the outdoor display campaign at the approved locations had assured to provide bright lights on the hoardings to the satisfaction of the Corporate Debtor. There was according to the Corporate Debtor deficiency in service inasmuch as there was no bright light display in relation to the said hoardings. Further due to very frequent electrical problems which was not regularly rectified in time by the Operational Creditor the quality of display suffered. It is also brought to the notice of this Tribunal that prior to approaching this Tribunal under the provisions of IBC, 2016, a statutory notice was also issued by the Operational Creditor under Sections 433 and 434 of the Companies Act, 1956 to which it is stated by the Corporate De....
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....hin the timeframe, as provided under the provisions of IBC, 2016 or in compliance of the said order. There has been delay in the production of certificate from the bankers and hence the Petition is liable to be dismissed also on this ground. In any case, it is also submitted by the Learned Counsel for the Respondent during the course of the arguments that the certificate which has been produced, though belatedly from the bankers, is also not in compliance with the provisions of Section 9(3)(c) which is mandatory and to be produced within time in view of the decision rendered by Hon'ble NCLAT in Smart Timing Steel Ltd. v. National Steel and Agro Industries Ltd. Taking into consideration the above non-compliances and since there is a pre-exis....
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....d by it was of requisite standard comparable to market standards/yardstick for similar flexes/hoardings displayed for advertisement purposes and thus the claim cannot be decided in a summary manner. Sufficient to say that in relation to dispute this Tribunal is guided by the judgment as passed by Hon'ble Supreme Court in Mobilox Innovations (P.) Ltd. v. Kirusa Software Private Limited in Civil Appeal No. 9405 of 2017 where it has been held after a detailed study of the enactment of IBC, 2016 and its back ground by the Hon'ble Supreme Court at paragraph 45 as follows: Going by the aforesaid test of "existence of a dispute", it is clear that without going into the merits of the dispute, the appellant has raised a plausible contention....