2020 (3) TMI 706

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt M/s. Spectacular Media Marketing Pvt. Ltd. for the alleged default on the part of the Respondent in settling an amount of Rs. 1,07,32,455/- towards the supply of mobile phones. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant engaged in the trading of mobile phones. The Respondent is involved in advertisement related activities. ii. In September, 2017, the Respondent, on behest of M/s. TV18 Home Shopping Network Ltd., placed an order of 27,000 "Titan T40" mobile phones with the Applicant, from the month of September, 2017 to October, 2017, vide 4 purchase orders, at an agreed price of Rs. 1,600/- per unit (incl. of GST), the total amount o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....yment for the earlier purchase order. vii. The Applicant on 14.11.2018 issued a demand notice demanding payment. After receiving the said demand notice, the Respondent contacted the Applicant and subsequently, a meeting was held between them on 23.11.2018, wherein the Respondent issued a cheque of Rs. 10,00,000/- dated 23.11.2018. bearing Ch. No. 002953, drawn on RBL Bank to the Applicant and further assured that the balance amount shall be made by them before 31.12.2018. viii. Thereafter, vide an email dated 18.12.2018. the representative of M/s. TV18 Home Shopping Network Ltd. while admitting the liability of the Respondent, sent a payment plan with respect to the outstanding payment, whereby, an amount of Rs. 20,00,000/....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....had earlier filed an application being IB-600 (ND) of 2019 for the same cause of action which was withdrawn on 26.03.2019 with liberty to file afresh which was grained by this Hon'ble Court as there were certain inadvertent errors which had crept into the earlier application filed. 2. Consequent to the issue of notice by the Applicant as well as by the Tribunal. Mr. Vivek Agarwal Advocate appeared on behalf of the Respondent and undertook to file Vakalatnama within a couple of days and reply within 10 days. However, on 06.08.2019 the learned Advocate orally submitted his intention to withdraw his Vakalatnama from the matter and reported that he has no instruction for filing of reply by the Respondent. Hence, the Respondent's righ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Since, the Respondent has nothing to offer as reply, this Tribunal initiates CIRP on the Respondent with immediate effect. 5. A moratorium in terms of section 14 of the Code is imposed forthwith in following terms: "(a) the institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any Judgment, decree or order in any Court of law tribunal arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the Respondent any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce am security interest created by the Respondent in respect of its property including any a....