2021 (1) TMI 442

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....er alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Skylark Mansions Private Limited, on the ground, that it has committed default for total amount of Rs. 1 l,80,900/-(Rupees Eleven Lakhs Eighty Thousand Nine Hundred Only) which includes 18% interest amounting to Rs. 3,28,296/- (Rupees Three Lakhs Twenty Eight Thousand Two Hundred and Ninety Six Only). 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. P.E. Analytics Private Limited (Petitioner/Operational Creditor) bearing the CIN: U70102DL2008PTC172384 and having its Registered Office situated at D-4, Commercial Complex Paschimi Marg, Vasant Vihar, New....

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.... subscription fee for the period 20.08.2016 to 19.11.2016 16-17/251 dated 16.08.2016 1,40,876/-     2. Towards subscription fee for the period 20.11.2016 to 19.02.2017 16-17/444 dated 19.11.2016 1,40,876/-     3. Towards subscription fee for the period 20.02.2017 to 19.05.2017 16-17/704 dated 14.03.2017 1,40,876/-     4. Towards subscription fee for the period 20.05.2017 to 19.08.2017 17-18/075 dated 18.05.2017 1,40,876/-     5. Towards subscription fee for the period 20.08.2017 to 19.11.2017 17-18/258 dated 21.08.2017 1,44,550/-     6. Towards subscription fee for the period 20.11.2017 to 19.02.2018 17-1....

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....es made there under, and the law on the issue. 4. Since the cause of action arise by virtue of the Licence Agreement dated 14.02.2014, which was executed at New Delhi, it is relevant to refer the relevant terms/clauses mentioned in the Agreement. With regard to Term of Service the following is mentioned: "This Agreement is non terminable by either parties for first twelve months. Thereafter either party can give a notice period of one month to terminate the Agreement. This Agreement can be renewed through a renewal letter upon mutual consent of both the parties. After expiration of the contract client will not be entitled to use the data for any internal or external purposes". With regard to Payment Terms, Billing and Taxes t....

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....tion by such mechanism, the issue shall be submitted to a mutually agreeable mediation service, with each party paying one-half of the costs of mediation. Failing resolution as the consequence of mediation, either party may resort to its legal or equitable remedies". 5. As stated supra, the Agreement has clearly provided terms of payment and service to be utilised and also alternative mechanism for any dispute arise out of implementation of terms and conditions of it. If the dues are not paid, the Petitioner has the right to suspend services until all undisputed invoices are paid. However, for the reasons best known to the Petitioner is stated to have continued the services inspite of failure to pay outstanding amount. The Petitioner fai....