The case involves an application filed by M/s Kartik Media, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Devika Universal Lands Pvt. Ltd., the corporate debtor, for non-payment of an operational debt. The debt arises from outstanding payments for print media advertising and outdoor advertisement campaigns. The operational creditor claims that the corporate debtor defaulted on payments amounting to Rs. 1,26,78,453/- despite rendering services as per a work order and subsequent certification of the final bill. The corporate debtor, however, disputes the maintainability of the application, alleging a pre-existing dispute regarding the quality and effectiveness
…M/s Kartik Media, an operational creditor, provided print media advertising and outdoor advertising campaign services to M/s Devika Universal Lands Pvt. Ltd., the corporate debtor, for its project "DEVIKA SADARR" starting in July 2022. A work order was issued on 05.07.2022, and services were rendered from 20.07.2022 to 20.09.2022. The operational creditor raised a final bill dated 28.12.2022 for Rs. 1,21,54,000/-, which was certified by the corporate debtor on 04.01.2023. The certified amount was to be paid within 15 days, i.e., by 19.01.2023. No payment was made, and the operational creditor sent a letter on 23.01.2023 requesting clearance of the outstanding payment. A statutory demand notice dated 09.02.2023 was issued under Section 8 of the Code but was
…Sign in to view the parties.
The Corporate Debtor approached the Operational…
The Corporate Debtor issued a Work Order dated…
The case involves an application filed by M/s Kartik Media, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Devika Universal Lands Pvt. Ltd., the corporate debtor, for non-payment of an operational debt. The debt arises from outstanding payments for print media advertising and outdoor advertisement campaigns. The operational creditor claims that the corporate debtor defaulted on payments amounting to Rs. 1,26,78,453/- despite rendering services as per a work order and subsequent certification of the final bill. The corporate debtor, however, disputes the maintainability of the application, alleging a pre-existing dispute regarding the quality and effectiveness
…M/s Kartik Media, an operational creditor, provided print media advertising and outdoor advertising campaign services to M/s Devika Universal Lands Pvt. Ltd., the corporate debtor, for its project "DEVIKA SADARR" starting in July 2022. A work order was issued on 05.07.2022, and services were rendered from 20.07.2022 to 20.09.2022. The operational creditor raised a final bill dated 28.12.2022 for Rs. 1,21,54,000/-, which was certified by the corporate debtor on 04.01.2023. The certified amount was to be paid within 15 days, i.e., by 19.01.2023. No payment was made, and the operational creditor sent a letter on 23.01.2023 requesting clearance of the outstanding payment. A statutory demand notice dated 09.02.2023 was issued under Section 8 of the Code but was
…The Corporate Debtor approached the Operational…
The Corporate Debtor issued a Work Order dated…