M/s Famous Innovations Digital Creative Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process (CIRP) against M/s Mode Advertising and Marketing Pvt. Ltd. for alleged default in settling dues amounting to Rs. 17,47,436/- for services provided. The applicant and respondent had a Memorandum of Understanding (MoU) where the respondent appointed the applicant as its creative partner. The applicant raised several invoices for services rendered.
M/s Famous Innovations Digital Creative Pvt. Ltd. (the Applicant) is engaged in brand communication and strategy, designing and developing advertisements. M/s Mode Advertising and Marketing Pvt. Ltd. (the Respondent) is an advertising agency. A Memorandum of Understanding (MoU) dated 01.04.2017 was executed between the Applicant and the Respondent, where the Respondent appointed the Applicant as its creative partner. As per the MoU, the Applicant was entitled to receive 35% of the net revenue generated by the Respondent. The Applicant provided services and raised invoices totaling Rs. 17,47,436/-. The Respondent made partial payments against some invoices but failed to pay the full amount. The Applicant served a demand notice on 03.12.2018. The Respondent claimed that
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A Memorandum of…
Invoice bearing No.071…
M/s Famous Innovations Digital Creative Pvt. Ltd. filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process (CIRP) against M/s Mode Advertising and Marketing Pvt. Ltd. for alleged default in settling dues amounting to Rs. 17,47,436/- for services provided. The applicant and respondent had a Memorandum of Understanding (MoU) where the respondent appointed the applicant as its creative partner. The applicant raised several invoices for services rendered.
M/s Famous Innovations Digital Creative Pvt. Ltd. (the Applicant) is engaged in brand communication and strategy, designing and developing advertisements. M/s Mode Advertising and Marketing Pvt. Ltd. (the Respondent) is an advertising agency. A Memorandum of Understanding (MoU) dated 01.04.2017 was executed between the Applicant and the Respondent, where the Respondent appointed the Applicant as its creative partner. As per the MoU, the Applicant was entitled to receive 35% of the net revenue generated by the Respondent. The Applicant provided services and raised invoices totaling Rs. 17,47,436/-. The Respondent made partial payments against some invoices but failed to pay the full amount. The Applicant served a demand notice on 03.12.2018. The Respondent claimed that
…A Memorandum of…
Invoice bearing No.071…