Outdoor Advertising Professionals (India) Private Limited (OAPL), the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Graphene Media Private Limited, the Corporate Debtor, for allegedly defaulting on payments for services rendered. The Operational Creditor claimed that the Corporate Debtor failed to pay an amount of Rs. 1,36,23,096/- along with interest calculated at 21% p.a. as per the settlement agreement dated 03.08.2018, amounting to Rs. 21,62,265/-, aggregating to Rs. 1,57,85,361/-.
Outdoor Advertising Professionals (India) Private Limited (OAPL) provided out-of-home advertising services to Graphene Media Private Limited for Canara Robeco. OAPL raised invoices totaling Rs. 2,27,05,160/- between 01.03.2018 and 26.03.2018. Graphene Media acknowledged the outstanding amount of Rs. 2,01,54,064/- (post TDS deduction) in a letter dated 04.07.2018. A settlement agreement was executed in June 2018, with Graphene Media agreeing to pay in three installments. The first two installments were paid. Graphene Media expressed inability to pay the third installment on 06.12.2018. OAPL issued a demand notice on 24.12.2018 under Section 8 of the IBC. Graphene Media responded on 08.01.2019, raising a dispute. OAPL filed a petition under Section 9 of the IBC claiming
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Operational Creditor raised four invoices…
Corporate Debtor acknowledged an…
Outdoor Advertising Professionals (India) Private Limited (OAPL), the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Graphene Media Private Limited, the Corporate Debtor, for allegedly defaulting on payments for services rendered. The Operational Creditor claimed that the Corporate Debtor failed to pay an amount of Rs. 1,36,23,096/- along with interest calculated at 21% p.a. as per the settlement agreement dated 03.08.2018, amounting to Rs. 21,62,265/-, aggregating to Rs. 1,57,85,361/-.
Outdoor Advertising Professionals (India) Private Limited (OAPL) provided out-of-home advertising services to Graphene Media Private Limited for Canara Robeco. OAPL raised invoices totaling Rs. 2,27,05,160/- between 01.03.2018 and 26.03.2018. Graphene Media acknowledged the outstanding amount of Rs. 2,01,54,064/- (post TDS deduction) in a letter dated 04.07.2018. A settlement agreement was executed in June 2018, with Graphene Media agreeing to pay in three installments. The first two installments were paid. Graphene Media expressed inability to pay the third installment on 06.12.2018. OAPL issued a demand notice on 24.12.2018 under Section 8 of the IBC. Graphene Media responded on 08.01.2019, raising a dispute. OAPL filed a petition under Section 9 of the IBC claiming
…Operational Creditor raised four invoices…
Corporate Debtor acknowledged an…