Jagran Engage, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Sai Communications and Marketing Private Limited, the Corporate Debtor, due to its inability to liquidate an operational debt. The Operational Creditor is in the business of outdoor advertisements. The Corporate Debtor had requested the Operational Creditor for booking of UNIPOLE at Nehru Place at a monthly rate of Rs. 5,00,000/- per month up to November 2016, with a provision for monthly extension. The Corporate Debtor availed the services for displaying VIVO flex, and invoices were raised until November 2017. The Operational Creditor maintained a running account,
…Jagran Engage, an Operational Creditor, is in the business of outdoor advertisements. Sai Communications and Marketing Private Limited, the Corporate Debtor, requested Jagran Engage to book UNIPOLE at Nehru Place at a monthly rate of Rs. 5,00,000/- up to November 2016, with a provision for monthly extension. The Corporate Debtor availed the services for displaying VIVO flex, and invoices were raised until November 2017. The Operational Creditor maintained a running account, reflecting an outstanding balance of Rs. 18,02,515/-. Despite repeated requests and reminders via emails from 19.12.2016 to 18.08.2017, the Corporate Debtor failed to liquidate the outstanding liability. The Operational Creditor issued a demand notice dated 02.02.2018 under Section 8 of the IBC,
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Jagran Engage, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Sai Communications and Marketing Private Limited, the Corporate Debtor, due to its inability to liquidate an operational debt. The Operational Creditor is in the business of outdoor advertisements. The Corporate Debtor had requested the Operational Creditor for booking of UNIPOLE at Nehru Place at a monthly rate of Rs. 5,00,000/- per month up to November 2016, with a provision for monthly extension. The Corporate Debtor availed the services for displaying VIVO flex, and invoices were raised until November 2017. The Operational Creditor maintained a running account,
…Jagran Engage, an Operational Creditor, is in the business of outdoor advertisements. Sai Communications and Marketing Private Limited, the Corporate Debtor, requested Jagran Engage to book UNIPOLE at Nehru Place at a monthly rate of Rs. 5,00,000/- up to November 2016, with a provision for monthly extension. The Corporate Debtor availed the services for displaying VIVO flex, and invoices were raised until November 2017. The Operational Creditor maintained a running account, reflecting an outstanding balance of Rs. 18,02,515/-. Despite repeated requests and reminders via emails from 19.12.2016 to 18.08.2017, the Corporate Debtor failed to liquidate the outstanding liability. The Operational Creditor issued a demand notice dated 02.02.2018 under Section 8 of the IBC,
…Corporate Debtor…
Operational Creditor…