EXPLO MEDIA PVT LIMITED Vs. AMBIENCE PVT LTD

JUDGEMENT

(1.) This is an Application which is filed by an Operational Creditor namely M/s. Explo Media Private Limited having its registered office at 524-525, Paras Trade Centre, Gurgaon-Faridabad Toll Road, Gurgaon (Haryana)-122009. From Part-II of the Application filed the particulars of the Corporate Debtor is given as under:

(2.) Part IV of the Application as filed by the Applicant/Operational Creditor gives details of the operational debt which has arisen out of transaction between the Operational Creditor and the Corporate Debtor in the course of their respective business. It is averred therein that the Corporate Debtor had placed an order to the Operational Creditor for outdoor display campaign vide purchase order dated 14.06.2014 and that the Operational Creditor had successfully carried out the outdoor display campaign for the Corporate Debtor as per the locations selected by the Corporate Debtor. Later, on successful completion, seven invoices, it is claimed by the Operational Creditor had been raised for a total sum of Rs. 75,85,400/-. The period in relation to the advertising material/campaigns displayed it is stated to be between July, 2014 to November, 2014. Operational Creditor admits it has received a sum of Rs. 14.00 lakhs as against the said invoices and that a balance sum of Rs. 61,85,400/- remains unpaid. The invoices raised against the Corporate Debtor in relation to the services provided contains a clause that the payment is required to be made on expiry of 60 days and since the Corporate Debtor has failed to make the payment, the Operational Creditor has claimed interest @ 18% per annum. In addition to payment of Rs. 61,85,400/- as the balance invoice amount payable, the Corporate Debtor, it is contended by the Petitioner is also liable to pay interest quantified based on the above premise which amounts to Rs. 29,63,983/- and thus the total amount in default on the part of the Corporate Debtor it is averred aggregates to Rs. 91,49,383/-. Despite repeated assurances about payment, the Corporate Debtor it is claimed could not pay the due amount to the Operational Creditor. Further numerous correspondence/requests, also did not yield any result and in the circumstances the Operational Creditor was forced to issue notice as provided for under Section 8 of IBC, 2016 on 19.4.2017 demanding payment in respect of unpaid operational debt for the sum of Rs. 91,71,988/- which it is averred includes a sum of Rs. 61,85,400/- payable under the invoices and the rest in relation to interest as of April/2017. The Operational Creditor avers that the said notice was duly issued under the hand of one Mr. Sunjjoy Daadhicch, Director of the Operational Creditor. The above notice was served on the Corporate Debtor as evidenced by the tracking report, it is averred by the Operational Creditor, on 21.4.2017. It is also stated by the Operational Creditor that despite the receipt of demand notice dated 19.4.2017, the Corporate Debtor has not made any payment to the Operational Creditor, Subsequent to the failure of the Corporate Debtor to make payment in relation to the unpaid debt, it is claimed by the Operational Creditor that this Petition has been preferred for Initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor as the Corporate Debtor is unable to pay the amount due and thereby has committed a default.

(3.) The matter was duly listed before this Tribunal on 19.7.2017 and subsequently on 21.7.2017 on which date the Petitioner/Operational Creditor was directed to produce the certificate from Bankers as required under Section 9(3)(c) and also an affidavit in relation to notice of dispute, if any, received from the Corporate Debtor and for the above compliances a week's time was granted. In addition, the Petitioner was also directed to issue notice to the registered office of the Corporate Debtor and the matter was to be listed on 2.8.2017. The Corporate Debtor entered appearance subsequently and in compliance with the directions of this Tribunal a reply has been filed after failure of settlement talks between the Operational Creditor and the Corporate Debtor.