Law & Kenneth Saatchi & Saatchi Private Limited, the Operational Creditor (OC), filed an appeal against an order dated 30.05.2023 passed by the National Company Law Tribunal (NCLT), Allahabad. The NCLT had dismissed the OC's application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The OC had provided services for the production of a Television Commercial (TVC) for Patanjali Paridhan Private Limited, the Corporate Debtor (CD), under the terms of a proforma invoice dated 17.10.2018. A dispute arose regarding the issuance of a No Objection Certificate (NOC) by the OC, which the CD claimed was necessary for registering the copyright of the TVC.
Law & Kenneth Saatchi & Saatchi Private Limited (Operational Creditor) provided services to Patanjali Paridhan Private Limited (Corporate Debtor) for the production of a Television Commercial (TVC) based on a proforma invoice dated 17.10.2018. The Operational Creditor raised a final invoice on 29.01.2019 for Rs. 2,06,50,000/-, of which Rs. 87,50,000/- was received as advance on 26.10.2018. The Corporate Debtor requested a No Objection Certificate (NOC) from the Operational Creditor to register the copyright of the TVC, as per Clause 26 of the proforma invoice. The Operational Creditor did not provide the NOC. The Corporate Debtor communicated its request for the NOC through emails dated 07.05.2019 and 05.06.2019 and a legal notice dated 08.09.2020. The
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Proforma invoice issued…
Operational Creditor…
Law & Kenneth Saatchi & Saatchi Private Limited, the Operational Creditor (OC), filed an appeal against an order dated 30.05.2023 passed by the National Company Law Tribunal (NCLT), Allahabad. The NCLT had dismissed the OC's application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The OC had provided services for the production of a Television Commercial (TVC) for Patanjali Paridhan Private Limited, the Corporate Debtor (CD), under the terms of a proforma invoice dated 17.10.2018. A dispute arose regarding the issuance of a No Objection Certificate (NOC) by the OC, which the CD claimed was necessary for registering the copyright of the TVC.
Law & Kenneth Saatchi & Saatchi Private Limited (Operational Creditor) provided services to Patanjali Paridhan Private Limited (Corporate Debtor) for the production of a Television Commercial (TVC) based on a proforma invoice dated 17.10.2018. The Operational Creditor raised a final invoice on 29.01.2019 for Rs. 2,06,50,000/-, of which Rs. 87,50,000/- was received as advance on 26.10.2018. The Corporate Debtor requested a No Objection Certificate (NOC) from the Operational Creditor to register the copyright of the TVC, as per Clause 26 of the proforma invoice. The Operational Creditor did not provide the NOC. The Corporate Debtor communicated its request for the NOC through emails dated 07.05.2019 and 05.06.2019 and a legal notice dated 08.09.2020. The
…Proforma invoice issued…
Operational Creditor…