# In the matter of Aakriti Info-Media Pvt.  Ltd. IB-1899-(ND)-2019

> Read the full IBC case summary for In the matter of Aakriti Info-Media Pvt. Ltd. IB-1899-(ND)-2019. NCLT judgment dated 2022-06-10. Citation:…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-04665
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aakriti-info-media-pvt-ltd-ib-1899-nd-2019-40ac6e5e

## Summary

### Background

The application was filed by the Operational Creditor, M/s. Cargo Planners Ltd., to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Aakriti Info-Media Pvt. Ltd., due to an alleged default in clearing a debt of Rs. 13,98,035, including 18% annual interest from April 2015.

## Facts

M/s. Cargo Planners Ltd., the Operational Creditor, filed an application on August 5, 2019, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Aakriti Info-Media Pvt. Ltd., the Corporate Debtor. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, alleging a default in payment of Rs. 13,98,035, which includes 18% annual interest from April 2015.

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## Issues and analysis

### Issue 1: Whether there is an operational debt due from the…

**Ratio:** An operational debt exists, evidenced by the services rendered, invoices, and outstanding…

**Reasoning:** The Adjudicating Authority considered the invoices raised by the Operational Creditor for…

**Interpretation:** The court interpreted 'operational debt' to include the dues for services…

**Application:** The court applied this interpretation to the facts, finding that the Corporate…

## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Advocates:** Dhananjaya Sud,…

## Timeline

- **May 27, 2019 — Board Reso…**: Board Resolution passed by M/s. Cargo Planners Ltd. authorizing Mr. Soban Singh Negi to…
- **July 17, 2019 — Demand Notice…**: Operational Creditor issued a Demand Notice under Section 8(1) of the IBC to the…

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