This case involves an application filed by Ashwini Infocom Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Spectacular Media Marketing Pvt. Ltd. The application stems from an alleged default by Spectacular Media Marketing in settling an amount of Rs. 1,07,32,455/- for the supply of mobile phones. Ashwini Infocom, engaged in trading mobile phones, received purchase orders from Spectacular Media Marketing, acting on behalf of TV18 Home Shopping Network Ltd., for 27,000 'Titan T40' mobile phones. A total of 16,300 phones were delivered against six bills. Spectacular Media Marketing made a partial payment of Rs. 1,10,00,000/-, leaving Rs. 1,50,30,374/- unpaid. Despite reminders,
…Ashwini Infocom Pvt. Ltd. (Applicant) is a company engaged in the trading of mobile phones. Spectacular Media Marketing Pvt. Ltd. (Respondent) is involved in advertisement-related activities. In September-October 2017, the Respondent placed orders for 27,000 'Titan T40' mobile phones with the Applicant on behalf of M/s TV18 Home Shopping Network Ltd. The agreed price was Rs. 1,600 per unit (including GST), totaling Rs. 4,31,99,957. A total of 16,300 mobile phones were delivered against six bills raised by the Applicant (AIPL Bill Nos. 001-006). The bills were dated 26.09.2017, 26.09.2017, 29.09.2017, 29.09.2017, 05.10.2017 & 15.10.2017, amounting to Rs. 31,99,997, Rs. 39,99,996, Rs. 39,99,996, Rs. 4,80,000, Rs. 47,99,995 and Rs. 95,99,990 respectively, totaling Rs.
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This case involves an application filed by Ashwini Infocom Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Spectacular Media Marketing Pvt. Ltd. The application stems from an alleged default by Spectacular Media Marketing in settling an amount of Rs. 1,07,32,455/- for the supply of mobile phones. Ashwini Infocom, engaged in trading mobile phones, received purchase orders from Spectacular Media Marketing, acting on behalf of TV18 Home Shopping Network Ltd., for 27,000 'Titan T40' mobile phones. A total of 16,300 phones were delivered against six bills. Spectacular Media Marketing made a partial payment of Rs. 1,10,00,000/-, leaving Rs. 1,50,30,374/- unpaid. Despite reminders,
…Ashwini Infocom Pvt. Ltd. (Applicant) is a company engaged in the trading of mobile phones. Spectacular Media Marketing Pvt. Ltd. (Respondent) is involved in advertisement-related activities. In September-October 2017, the Respondent placed orders for 27,000 'Titan T40' mobile phones with the Applicant on behalf of M/s TV18 Home Shopping Network Ltd. The agreed price was Rs. 1,600 per unit (including GST), totaling Rs. 4,31,99,957. A total of 16,300 mobile phones were delivered against six bills raised by the Applicant (AIPL Bill Nos. 001-006). The bills were dated 26.09.2017, 26.09.2017, 29.09.2017, 29.09.2017, 05.10.2017 & 15.10.2017, amounting to Rs. 31,99,997, Rs. 39,99,996, Rs. 39,99,996, Rs. 4,80,000, Rs. 47,99,995 and Rs. 95,99,990 respectively, totaling Rs.
…Respondent placed an…
Applicant delivered…