2022 (4) TMI 257

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....revity 'the Rules') by Vani Advertising (for brevity 'Operational Creditor') with a prayer to initiate the Corporate Insolvency process against Santasha Real Estate Private Limited (for brevity 'Corporate Debtor'). 2. The Operational Creditor/Applicant submits that the applicant entered into a contract with the corporate debtor to provide Advertising Services and vide confirmation accounts dated 07.01.2017, generated by the applicant on account of confirmation orders provided by the corporate debtor, an amount of Rs. 40,77,417/- was required to be paid by the corporate debtor. The aforesaid sum has not been paid by the corporate debtor to the Applicant. 3. The Operational Creditor/Applicant submits that on acco....

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.... reflected on the MCA website, which was duly delivered to the corporate debtor. The copy of the Application was also duly served through speed post at its registered address as reflected on the MCA website, which was duly delivered reflecting remark 'Item Delivery Confirmed'. 6. The Corporate Debtor has neither filed any reply nor appeared before the Bench. The Corporate Debtor was proceeded ex-parte on 14.03.2022. 7. As per Form V, Part IV, the Corporate Debtor is liable to pay an outstanding sum of Rs. 40,77,417/- along with interest 12% p.a. The date of default is 07.01.2017 as per Part IV but the acknowledgement by the corporate debtor in confirmation of account was made on 01.04.2019, hence the debt is not time barred an....

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.... 12. We direct the Operational Creditors to deposit a sum of Rs. 2 lacs with the Interim Resolution Professional namely, Ms. Gunjan Mittal to meet out the expense to perform the functions assigned to her in accordance with regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The needful shall be done within one week from the date of receipt of this order by the Operational Creditor. The amount, however, shall be subject to adjustment by the Committee of Creditors, as accounted for by Interim Resolution Professional, and shall be paid back to the Operational Creditor. 13. As a consequence of the application being admitted in terms of Section 9(5) of IBC, 2016, ....