The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against ‘M/s Mode Advertising and Marketing Pvt. Ltd.' based on an application filed by ‘M/s Famous Innovations Digital Creative Pvt. Ltd.' (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appellant contested the CIRP, arguing that the agreement cited by the respondent was a partnership agreement entitling them to profit sharing, not an operational debt. Another Operational Creditor, ‘G. H. Prints Pvt. Ltd.', also filed an application under section 9, which was admitted but later recalled. The appellant also entered into a Memorandum of Understanding (MOU) with 'G. H. Prints Pvt. Ltd.' to prevent future insolvency resolution
…M/s Famous Innovations Digital Creative Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Mode Advertising and Marketing Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench II, initiated CIRP against the Corporate Debtor, which was challenged by the Appellant. The Appellant argued that the agreement cited by the Respondent was a partnership agreement, not an operational debt, and that the Respondent was entitled to profit sharing (35%). Another Operational Creditor, G. H. Prints Pvt. Ltd., also filed an application under section 9, which was admitted on 15th October, 2019, but later recalled by
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M/s Famous Innovations Digital Creative Pvt.…
Initially, when the matter was taken up on…
The case involves an appeal against the initiation of Corporate Insolvency Resolution Process (CIRP) against ‘M/s Mode Advertising and Marketing Pvt. Ltd.' based on an application filed by ‘M/s Famous Innovations Digital Creative Pvt. Ltd.' (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The appellant contested the CIRP, arguing that the agreement cited by the respondent was a partnership agreement entitling them to profit sharing, not an operational debt. Another Operational Creditor, ‘G. H. Prints Pvt. Ltd.', also filed an application under section 9, which was admitted but later recalled. The appellant also entered into a Memorandum of Understanding (MOU) with 'G. H. Prints Pvt. Ltd.' to prevent future insolvency resolution
…M/s Famous Innovations Digital Creative Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Mode Advertising and Marketing Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench II, initiated CIRP against the Corporate Debtor, which was challenged by the Appellant. The Appellant argued that the agreement cited by the Respondent was a partnership agreement, not an operational debt, and that the Respondent was entitled to profit sharing (35%). Another Operational Creditor, G. H. Prints Pvt. Ltd., also filed an application under section 9, which was admitted on 15th October, 2019, but later recalled by
…M/s Famous Innovations Digital Creative Pvt.…
Initially, when the matter was taken up on…