The case involves a petition filed by Totem Media Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against V2 Retail Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for advertising print space provided between July 2018 and May 2019. The Corporate Debtor contested the claim, alleging excessive and arbitrary rates in the invoices raised by the Operational Creditor. The Adjudicating Authority examined the submissions and documents presented by both parties to determine whether the application should be admitted.
Totem Media Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against V2 Retail Limited (Corporate Debtor). The Operational Creditor provided advertising print space to the Corporate Debtor between July 2018 and May 2019. The Operational Creditor raised 24 invoices, totaling Rs. 82,10,374/- plus interest of Rs. 4,51,022/-, aggregating to Rs. 86,61,396/-, which remained unpaid. The Operational Creditor sent reminders to the Corporate Debtor via emails between May 8, 2019, and May 24, 2019. A demand notice dated July 23, 2019, under Section 8 of the IBC, was served on the Corporate Debtor on July 29, 2019. The Corporate Debtor replied on
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Operational Creditor…
Operational Creditor…
The case involves a petition filed by Totem Media Solutions Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against V2 Retail Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments for advertising print space provided between July 2018 and May 2019. The Corporate Debtor contested the claim, alleging excessive and arbitrary rates in the invoices raised by the Operational Creditor. The Adjudicating Authority examined the submissions and documents presented by both parties to determine whether the application should be admitted.
Totem Media Solutions Private Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against V2 Retail Limited (Corporate Debtor). The Operational Creditor provided advertising print space to the Corporate Debtor between July 2018 and May 2019. The Operational Creditor raised 24 invoices, totaling Rs. 82,10,374/- plus interest of Rs. 4,51,022/-, aggregating to Rs. 86,61,396/-, which remained unpaid. The Operational Creditor sent reminders to the Corporate Debtor via emails between May 8, 2019, and May 24, 2019. A demand notice dated July 23, 2019, under Section 8 of the IBC, was served on the Corporate Debtor on July 29, 2019. The Corporate Debtor replied on
…Operational Creditor…
Operational Creditor…