2020 (9) TMI 747

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cy and Bankruptcy Code, 2016 (IBC) by Novex Communications Private Limited (Operational Creditor) [CIN: U92132MH2002PTC135397], a company within the meaning of section 2(20) of the Companies Act, 2013 and represented by its Director, Mr Miket Kanakia, on the basis of a Board Resolution dated 07.07.2018, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Four Pillars Event Management Services Private Limited (Corporate Debtor). 2. The Corporate Debtor is a private company limited by shares and incorporated on 06.03.2017 under the Companies Act, 2013, with the Registrar of Companies (RoC), Maharashtra, Pune. Its CIN is U92190PN2017PTC169238. Its registered office is at B-302, Ujwal Serene, Survey No.273/1, Near Maul....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rformance Rights for an event called "Da Bangg The Tour Pune" which was held on 24.03.2018 at the Shree Shiv Chhatrapati Sports Complex Stadium, Pune. The Operational Creditor raised a proforma invoice dated 20.03.2018 on the Corporate Debtor Rs. 3,00,000/- (Rupees three lakh only), for non-exclusive public performance rights in sound records (para 6 at page 97 of the Petition); (c) The Corporate Debtor issued a cheque for Rs. 3,00,000/- (Rupees three lakh only) drawn on Axis Bank Limited against the proforma invoice, However, when the cheque was presented for payment, it bounced (para 7-8 at pages 97-98 of the Petition). 5. Invoices have been placed on record as Exhibit 'I' at page 9. The invoices do not provide for int....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ld that for an amount to be classified as an operational debt under the IBC, - Firstly, the amount should fall within the definition of 'claim' as defined under section 3(6) of the IBC; Secondly, such a claim should be within the confines of a 'debt' as defined under section 3(11); Thirdly, such a debt should fall strictly within the scope of an 'Operational Debt' as defined under section 5(21) of the IBC, meaning thereby that the claim should arise in respect of - (i) Provision of goods or services including employment; or (ii) A debt in respect of repayment of dues arising under any law for the time being in force and payable either to the Central Government, any State Government or any local a....