2020 (1) TMI 1559

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.... for its inability to liquidate its outstanding dues. 2. As per averments, the applicant, claiming to be an Operational Creditor is engaged in the business of advertising in various media. The Corporate Debtor, who is engaged in development of Real estate projects, had availed the services of the petitioner for promoting the sales of its various projects and has been in default of payment of its dues. The Operational Creditor has claimed Rs. 18,09,586/- as the Principal outstanding amount, and a further amount of Rs. 71,18,908/- as interest at the rate of 3% per month on account of delay in payment. It is submitted that the invoices sent by the Applicant were duly received by the respondent, wherein, it was explicitly printed on the invo....

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....understanding to adjust partial amount towards the sale consideration for the flat. They however undertook to pay the outstanding amount over a period of time. 6. The Corporate Debtor failed to liquidate its admitted dues, constraining the Operational Creditor to issue the demand notice on 22.07.2018 under Section 8 of the Code and followed it by filing the present petition. The respondent in their counter affidavit have stated that the instant claim is a claim for damages for the delay in clearance of payment rather than for the services rendered and does not fall in the category of the operational debt as defined in Section 5(21) of the Code. Further it is submitted that as on date the entire principal amount stands paid. It is argued ....