# In the matter of Graphene Media Private Limited C.P. No. 427/IBC-MB-2019

> NCLT judgment dated 2022-01-25. Citation: TCN-2022-NCLT-04369. Outdoor Advertising Professionals (India) Private Limited (OAPL), the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 25 Jan 2022
- **Citation:** TCN-2022-NCLT-04369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/graphene-media-private-limited-cp-no-427ibc-mb-2019-a33c1bc3

## Summary

### Background

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/-.

## Facts

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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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Operational Creditor is maintainable under Section 9 of …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The NCLT observed that the Operational Creditor had provided sufficient evidence to

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover their dues

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**Application:** The NCLT applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Outdoor Advertisin…
- **Respondents:** Graphene Media…

## Timeline

- **2018-03-01 — Invoice R…**: Operational Creditor raised four invoices amounting to Rs. 2,27,05,160/- including GST…
- **2018-07-04 — Acknowledgement of…**: Corporate Debtor acknowledged an outstanding amount of Rs. 2,01,54,064 (post TDS…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(21) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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