The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/S Kartik Media, the Operational Creditor, against M/S Devika Universal Lands Pvt. Ltd., the Corporate Debtor, for default in payment of an operational debt amounting to Rs. 1,26,78,453. The debt arose from outstanding payments for print media advertising and outdoor advertisement campaigns. The Operational Creditor claims that the Corporate Debtor failed to make payments within 15 days of invoice certification. The Corporate Debtor argues that there was a pre-existing dispute regarding the quality of services and that the amount payable was contingent on the campaign's success.
M/S Kartik Media, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Devika Universal Lands Pvt. Ltd., a Corporate Debtor, for non-payment of an operational debt. The debt amounted to Rs. 1,26,78,453, arising from print media advertising and outdoor advertisement campaigns. The Corporate Debtor approached the Operational Creditor in July 2022 for advertising services for its project "DEVIKA SADARR". A work order was issued on 05.07.2022, and the services were rendered from 20.07.2022 to 20.09.2022. The Operational Creditor raised a final bill on 28.12.2022 for Rs. 1,21,54,000, which was certified by the Corporate Debtor on 04.01.2023. The bill was to be cleared within 15 days of
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The Corporate Debtor approached the Operational…
The Corporate Debtor issued a Work Order dated…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/S Kartik Media, the Operational Creditor, against M/S Devika Universal Lands Pvt. Ltd., the Corporate Debtor, for default in payment of an operational debt amounting to Rs. 1,26,78,453. The debt arose from outstanding payments for print media advertising and outdoor advertisement campaigns. The Operational Creditor claims that the Corporate Debtor failed to make payments within 15 days of invoice certification. The Corporate Debtor argues that there was a pre-existing dispute regarding the quality of services and that the amount payable was contingent on the campaign's success.
M/S Kartik Media, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/S Devika Universal Lands Pvt. Ltd., a Corporate Debtor, for non-payment of an operational debt. The debt amounted to Rs. 1,26,78,453, arising from print media advertising and outdoor advertisement campaigns. The Corporate Debtor approached the Operational Creditor in July 2022 for advertising services for its project "DEVIKA SADARR". A work order was issued on 05.07.2022, and the services were rendered from 20.07.2022 to 20.09.2022. The Operational Creditor raised a final bill on 28.12.2022 for Rs. 1,21,54,000, which was certified by the Corporate Debtor on 04.01.2023. The bill was to be cleared within 15 days of
…The Corporate Debtor approached the Operational…
The Corporate Debtor issued a Work Order dated…