# In the matter of V2 Retail Limited Company Petition No.(IB) 2618-ND-2019

> NCLT judgment dated 2020-06-25. Citation: TCN-2020-NCLT-01113. The case involves a petition filed by Totem Media Solutions Private Limited (Operational…

- **Court:** NCLT
- **Order date:** 25 Jun 2020
- **Citation:** TCN-2020-NCLT-01113
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v2-retail-limited-company-petition-noib-2618-nd-2019-b101bd2b

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Corporate Debtor raised a valid dispute regarding the unpaid operational debt within …

**Ratio:** Section 8(2) of the IBC mandates that the corporate debtor must bring to the notice of

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor sent the reply to the demand

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**Interpretation:** Section 8(2) of the IBC is interpreted strictly to ensure timely resolution of

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**Application:** The Corporate Debtor's failure to raise the dispute within the 10-day period as

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## Parties

- **Judges:** Sh. Abni Ranjan…; Sh. Kapal Kumar…
- **Appellants:** Totem Media…
- **Respondents:** V2 Retail L…
- **Advocates:** Karan G…; Sudik…; +1 more

## Timeline

- **2018-07-01 — Advertising Services…**: Operational Creditor provided advertising…
- **2019-05-01 — Advertising Services…**: Operational Creditor provided advertising…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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