M/s. CHD Developers Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. DB Corp Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The basis for the application was the Corporate Debtor's default in paying an operational debt of Rs. 2,67,82,670, which was due and payable based on an arbitral award dated 28.10.2014. This award had attained finality after the dismissal of a second appeal by the Division Bench of the Delhi High Court on 03.10.2018. The operational debt arose from an advertisement agreement where the Corporate Debtor was to publish advertisements for the Operational Creditor in print media, for which the Operational Creditor paid Rs. 3 Crore. Disputes arose,
…On 10.02.2008, CHD Developers Limited (Operational Creditor) and DB Corp Limited (Corporate Debtor) entered into an advertisement agreement where DB Corp was to publish advertisements for CHD Developers in print media. CHD Developers paid Rs. 3 Crore to DB Corp as service charges. Disputes arose from the contract, leading CHD Developers to initiate arbitral proceedings against DB Corp on 01.02.2010. On 28.10.2014, the Arbitral Tribunal passed an award in favor of CHD Developers, directing DB Corp to refund Rs. 1,22,91,736 with 12% interest per annum from November 2009. DB Corp challenged the award under Section 34 of the Arbitration and Conciliation Act, 1996, in the Delhi High Court, which dismissed the appeal on 31.08.2018. DB Corp filed a second appeal under Section
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CHD Developers and DB…
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M/s. CHD Developers Limited, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. DB Corp Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The basis for the application was the Corporate Debtor's default in paying an operational debt of Rs. 2,67,82,670, which was due and payable based on an arbitral award dated 28.10.2014. This award had attained finality after the dismissal of a second appeal by the Division Bench of the Delhi High Court on 03.10.2018. The operational debt arose from an advertisement agreement where the Corporate Debtor was to publish advertisements for the Operational Creditor in print media, for which the Operational Creditor paid Rs. 3 Crore. Disputes arose,
…On 10.02.2008, CHD Developers Limited (Operational Creditor) and DB Corp Limited (Corporate Debtor) entered into an advertisement agreement where DB Corp was to publish advertisements for CHD Developers in print media. CHD Developers paid Rs. 3 Crore to DB Corp as service charges. Disputes arose from the contract, leading CHD Developers to initiate arbitral proceedings against DB Corp on 01.02.2010. On 28.10.2014, the Arbitral Tribunal passed an award in favor of CHD Developers, directing DB Corp to refund Rs. 1,22,91,736 with 12% interest per annum from November 2009. DB Corp challenged the award under Section 34 of the Arbitration and Conciliation Act, 1996, in the Delhi High Court, which dismissed the appeal on 31.08.2018. DB Corp filed a second appeal under Section
…CHD Developers and DB…
CHD Developers…