The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Sai Estate Consultants Chembur Pvt Ltd ('Corporate Debtor') by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench IV, based on a petition filed by M/s Global Advertisers ('Operational Creditor') under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC). The Corporate Debtor argued that there was a pre-existing dispute regarding the outstanding dues claimed by the Operational Creditor, primarily concerning the reconciliation of accounts and verification of services provided. The Appellant, a suspended board member and shareholder of the Corporate Debtor, contended that the Adjudicating Authority failed to consider the pre-existing
…M/s Global Advertisers (Operational Creditor) provided advertisement services to Sai Estate Consultants Chembur Pvt Ltd (Corporate Debtor). The Operational Creditor claimed outstanding dues for services rendered between March 2017 and June 2019, totaling Rs. 4,74,55,683. The Corporate Debtor made part payments of Rs. 2,72,02,520 and paid TDS amounting to Rs. 3,96,540. 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 payments could be made. The Corporate Debtor claimed that the invoices were vague and lacked necessary details, and that it had sought reconciliation of accounts and verification of services. The Operational Creditor issued a
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Start of the period during which M/s Global…
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The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against Sai Estate Consultants Chembur Pvt Ltd ('Corporate Debtor') by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench IV, based on a petition filed by M/s Global Advertisers ('Operational Creditor') under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC). The Corporate Debtor argued that there was a pre-existing dispute regarding the outstanding dues claimed by the Operational Creditor, primarily concerning the reconciliation of accounts and verification of services provided. The Appellant, a suspended board member and shareholder of the Corporate Debtor, contended that the Adjudicating Authority failed to consider the pre-existing
…M/s Global Advertisers (Operational Creditor) provided advertisement services to Sai Estate Consultants Chembur Pvt Ltd (Corporate Debtor). The Operational Creditor claimed outstanding dues for services rendered between March 2017 and June 2019, totaling Rs. 4,74,55,683. The Corporate Debtor made part payments of Rs. 2,72,02,520 and paid TDS amounting to Rs. 3,96,540. 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 payments could be made. The Corporate Debtor claimed that the invoices were vague and lacked necessary details, and that it had sought reconciliation of accounts and verification of services. The Operational Creditor issued a
…Start of the period during which M/s Global…
End of the period during which M/s Global…