2022 (4) TMI 257

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....ising (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 account of assurance of payment on time, the appli....

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....vered 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 and the application is filed within the period of limita....