# 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-04366. The case involves a petition filed by Outdoor Advertising Professionals (India) Private Limited…

- **Court:** NCLT
- **Order date:** 25 Jan 2022
- **Citation:** TCN-2022-NCLT-04366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/graphene-media-private-limited-cp-no-427ibc-mb-2019-a9219dbe

## Summary

### Background

The case involves a petition filed by Outdoor Advertising Professionals (India) Private Limited (OAPL), the Operational Creditor, against Graphene Media Private Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor claims that the Corporate Debtor defaulted on payments for services rendered related to out-of-home advertising campaigns. The Corporate Debtor acknowledged the debt initially but later raised disputes regarding the services provided.

## Facts

Outdoor Advertising Professionals (India) Private Limited (OAPL), the Operational Creditor, provided out-of-home advertising services to Graphene Media Private Limited, the Corporate Debtor, for a client, Canara Robeco, between February and April 2018. OAPL raised four invoices totaling Rs. 2,27,05,160/- including GST. The Corporate Debtor initially acknowledged the debt and even made part payments in two installments as per a Settlement Agreement executed in June 2018. However, the Corporate Debtor later defaulted on the third installment and raised disputes regarding the services provided, claiming deficiencies and lack of supporting documentation. The Operational Creditor issued a demand notice under Section 8 of the IBC, which the Corporate Debtor responded to by

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default in …

**Ratio:** The existence of a debt and default is a prerequisite for admitting a petition under

…

**Reasoning:** The court found that the Corporate Debtor had acknowledged the debt on multiple

…

**Interpretation:** The court interpreted the Corporate Debtor's initial acknowledgment of the

…

**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor's

…

## Parties

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

## Timeline

- **2018-02-01 — Services Pr…**: OAPL provided services to Graphene Media for advertising campaigns between February and…
- **2018-03-01 — Invoices…**: OAPL raised four invoices amounting to Rs. 2,27,05,160/- between 01.03.2018 and…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/graphene-media-private-limited-cp-no-427ibc-mb-2019-a9219dbe