AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2019 (7) TMI 1843
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....olution process ("CIRP") of M/S Mode Advertising and Marketing Pvt. Ltd. ("the Respondent") under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") for the alleged default on the part of the Respondent in settling the dues of the Applicant to an extent of Rs. 17,47,436/for the services offered by the Applicant. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant is engaged in the business of brand communication and strategr, designing and developing advertisements for various services and product ranges which can be released through different media. ii. The Respondent is an advertising agency media agency providing all media rel....
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.... Invoice bearing No.034 date 29.11.2018 for amount of Rs. 23,600/-. vi. With respect to the invoice mentioned at serial no. (a) the Respondent has made payment of Rs. 1,00,000/- on 20.06.2017 and an amount of Rs. 1,10,000/- on 07.07.2017 aggregating to an amount of Rs. 2,10,000/-. vii. With respect to the invoice mentioned at serial no. (b), the Respondent has made payment of Rs. 2,00,000/- on 12.10.2017, however failed and neglected to make the payment of Rs. 36,000/- towards GST. viii. With respect to invoice at serial no. (c) the Respondent has made payment of Rs. 59,52,520/- on 16.03.2018 and an amount of Rs. 5,90,000/- on 04.07.2018. The Respondent deducted an amount of Rs. 1,21,480/- towards TDS, however the....
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....learly acknowledged its liability by making part payment as set out hereinabove, and not disputed the same. The Applicant has rendered its services in a timely manner, to the satisfaction of the Respondent. The Respondent has not raised any complaint and/or expressed their dissatisfaction for the services rendered, despite which they have not made payments against the invoices raised. xv. In lieu of the invoices raised upon the Respondent remained unpaid, the Applicant finally served a demand notice on 03.12.2018 under Section 8 of the Code read with Rule 5 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for an amount of Rs. 15,11,705/- along with an amount of Rs. 1,74,135/- towards delayed pay-....
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....ties and the Applicant was entitled to receive net revenue generated from media and non-media including newspaper, magazine, cinema etc. The proofing print cost for SBI YONO is also a part of the expense. Since the time of entering the agreement, no party has ever raised the expense which had accrued during the course of work. v. The services provided by the Applicant were not in accordance of the MoU. The Respondent was not satisfied with vendors which the Applicant had hired. The Respondent was not involved in any negotiations or finalizing the financial cost. vi. The operational debtor finalized the deals to direct the TV and YONO campaign of their known persons without going into the merits. 3. We have gone through ....
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....tion to foreclose, recover or enforce any security interest created by the Respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Respondent. (2) The supply of essential goods or services to the Respondent as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. ....