The case involves an appeal against an order dated 02.08.2021 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench IV, Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s Sai Estate Consultants Chembur Pvt Ltd ('Corporate Debtor') based on a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Global Advertisers, an Operational Creditor. The Operational Creditor claimed outstanding dues for advertisement services provided to the Corporate Debtor. The Corporate Debtor contested the initiation of CIRP, arguing that a pre-existing dispute existed regarding the amount and quality of services provided, necessitating a reconciliation of accounts. The Appellant, a suspended board
…M/s Global Advertisers (Operational Creditor) provided advertisement services to M/s Sai Estate Consultants Chembur Pvt Ltd (Corporate Debtor). The Operational Creditor raised 30 invoices aggregating to Rs. 4,74,55,683/- for services rendered between 10.03.2017 and 29.06.2019. The Corporate Debtor made part payments totaling Rs. 2,72,02,520/- and paid TDS amounting to Rs. 3,96,540/-. The Operational Creditor claimed an outstanding principal sum of Rs. 1,98,47,520/- plus interest. The Corporate Debtor contended that there was an understanding that payments would be made on a 'payable when able' basis and that reconciliation of accounts was necessary before payment. The Corporate Debtor requested reconciliation of accounts in letters dated 20th February 2020 and 14th
…Sign in to view the parties.
The Operational…
The Operational…
The case involves an appeal against an order dated 02.08.2021 passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench IV, Mumbai, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s Sai Estate Consultants Chembur Pvt Ltd ('Corporate Debtor') based on a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by M/s Global Advertisers, an Operational Creditor. The Operational Creditor claimed outstanding dues for advertisement services provided to the Corporate Debtor. The Corporate Debtor contested the initiation of CIRP, arguing that a pre-existing dispute existed regarding the amount and quality of services provided, necessitating a reconciliation of accounts. The Appellant, a suspended board
…M/s Global Advertisers (Operational Creditor) provided advertisement services to M/s Sai Estate Consultants Chembur Pvt Ltd (Corporate Debtor). The Operational Creditor raised 30 invoices aggregating to Rs. 4,74,55,683/- for services rendered between 10.03.2017 and 29.06.2019. The Corporate Debtor made part payments totaling Rs. 2,72,02,520/- and paid TDS amounting to Rs. 3,96,540/-. The Operational Creditor claimed an outstanding principal sum of Rs. 1,98,47,520/- plus interest. The Corporate Debtor contended that there was an understanding that payments would be made on a 'payable when able' basis and that reconciliation of accounts was necessary before payment. The Corporate Debtor requested reconciliation of accounts in letters dated 20th February 2020 and 14th
…The Operational…
The Operational…