The appeal was filed by the Suspended Director of M/s. Grades Entertainment Private Limited, the Corporate Debtor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 15/02/2022 passed by the National Company Law Tribunal, New Delhi Bench, which admitted the Section 9 application filed by M/s. Paras Art Studio, the Operational Creditor. The case involves a contract given to M/s. Cox & Kings (in liquidation) to organize a mega event called Petrotech, 2019. Cox & Kings engaged Grades Entertainment, who in turn engaged Paras Art Studio to provide designing and fabrication services. The appellant claims they were merely an agent to release payments to vendors appointed by Cox & Kings, and the corporate debtor was paid a fixed
…M/s. Cox & Kings (in liquidation) was contracted to organize Petrotech, 2019. Cox & Kings engaged M/s. Grades Entertainment Private Limited (Corporate Debtor). Grades Entertainment engaged M/s. Paras Art Studio (Operational Creditor) for designing and fabrication services. The Appellant (Grades Entertainment) claims they were an agent for Cox & Kings to release payments to vendors. The Corporate Debtor was paid a fixed charge of Rs.20,00,000. The Operational Creditor raised an invoice dated 21/01/2019 for Rs.2,43,08,000.00. The Corporate Debtor deposited TDS of Rs.4,12,000 on the invoice amount. The Operational Creditor deposited GST of Rs.37,08,000 on the invoice. The Tax Invoice was raised in favor of the Corporate Debtor, and part payment was made by the
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M/s. Cox & King…
Tax Invoice dated…
The appeal was filed by the Suspended Director of M/s. Grades Entertainment Private Limited, the Corporate Debtor, under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 15/02/2022 passed by the National Company Law Tribunal, New Delhi Bench, which admitted the Section 9 application filed by M/s. Paras Art Studio, the Operational Creditor. The case involves a contract given to M/s. Cox & Kings (in liquidation) to organize a mega event called Petrotech, 2019. Cox & Kings engaged Grades Entertainment, who in turn engaged Paras Art Studio to provide designing and fabrication services. The appellant claims they were merely an agent to release payments to vendors appointed by Cox & Kings, and the corporate debtor was paid a fixed
…M/s. Cox & Kings (in liquidation) was contracted to organize Petrotech, 2019. Cox & Kings engaged M/s. Grades Entertainment Private Limited (Corporate Debtor). Grades Entertainment engaged M/s. Paras Art Studio (Operational Creditor) for designing and fabrication services. The Appellant (Grades Entertainment) claims they were an agent for Cox & Kings to release payments to vendors. The Corporate Debtor was paid a fixed charge of Rs.20,00,000. The Operational Creditor raised an invoice dated 21/01/2019 for Rs.2,43,08,000.00. The Corporate Debtor deposited TDS of Rs.4,12,000 on the invoice amount. The Operational Creditor deposited GST of Rs.37,08,000 on the invoice. The Tax Invoice was raised in favor of the Corporate Debtor, and part payment was made by the
…M/s. Cox & King…
Tax Invoice dated…