# In the matter of AD Victoriam Ventures Private Limited IB-2380-ND-2019

> NCLT judgment dated 2019-11-21. Citation: TCN-2019-NCLT-00507. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Nov 2019
- **Citation:** TCN-2019-NCLT-00507
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ad-victoriam-ventures-private-limited-ib-2380-nd-2019-d8e38d88

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Affle (India) Limited (Operational Creditor) against Ad Victoriam Ventures Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Insolvency Resolution Professional (IRP). The Operational Creditor claimed an outstanding amount of Rs. 52,80,592/- as of 21.05.2019, including interest, based on services rendered and invoices raised. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018.

## Facts

Affle (India) Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Ad Victoriam Ventures Private Limited (Corporate Debtor) to initiate CIRP. The Operational Creditor claimed Rs. 52,80,592/- outstanding as of 21.05.2019, including interest. The claim was based on services rendered and invoices raised, with payment terms requiring payment within 7 days of the invoice date and a 2% monthly compounding interest for late payments. An insertion order was initially entered into on 19.07.2017, followed by a novation agreement on 01.09.2018. The Operational Creditor sent a demand notice under Section 8 on 21.05.2019. The Corporate Debtor did not file a reply but admitted liability through its counsel. The

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for an

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**Reasoning:** The court reasoned that the Operational Creditor had fulfilled all the requirements of

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**Interpretation:** Section 9 is interpreted to mean that if the operational creditor demonstrates

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**Application:** The Operational Creditor demonstrated a debt and default, and the Corporate

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## Parties

- **Judges:** Ch. Mohd Sharief…; K.K. V…
- **Appellants:** AFFLE (INDIA)…
- **Respondents:** AD Victoriam…

## Timeline

- **2017-07-19 — Insertion…**: An Insertion Order was entered into between the parties for running a convert web…
- **2018-09-01 — Novation Ag…**: A novation agreement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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