M/s Rajasthan Patrika Private Limited filed an application IA/329(MP)2023 seeking acceptance of its claim as a financial creditor instead of an operational creditor in the Corporate Insolvency Resolution Process (CIRP) of JSM Devcons Pvt Ltd. Rajasthan Patrika had a barter agreement with JSM Devcons to provide media coverage for the real estate projects of JSM Devcons in exchange for two flats. Rajasthan Patrika published advertisements worth Rs 71,65,000/- in its newspaper. JSM Devcons issued possession letters for the flats, but Rajasthan Patrika did not receive physical possession. During the CIRP initiated by Motel Rahans Private Limited, Rajasthan Patrika submitted its claim as a financial creditor (home buyer), but the IRP admitted it as an operational creditor.
M/s Rajasthan Patrika Private Limited (Applicant) entered into a Barter Agreement dated 2014-09-30 with JSM Devcons Pvt Ltd (Corporate Debtor) to provide media coverage for the Corporate Debtor's real estate projects. As per the agreement, the Applicant was to provide media coverage worth Rs 94,50,000/- from 2014-10-01 to 2016-09-30, and in consideration, the Corporate Debtor agreed to provide flats No. 1606 and 1607 in "Pinnacle D Dreams" at Indore. The Applicant published advertisements worth Rs 71,65,000/- in its newspaper from 2014-10-01 to 2017-01-27. The Corporate Debtor issued possession letters for the flats after follow-up and a legal notice dated 2017-08-14. The Applicant did not receive physical possession of the flats. CIRP was initiated against
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M/s Rajasthan Patrika Private Limited filed an application IA/329(MP)2023 seeking acceptance of its claim as a financial creditor instead of an operational creditor in the Corporate Insolvency Resolution Process (CIRP) of JSM Devcons Pvt Ltd. Rajasthan Patrika had a barter agreement with JSM Devcons to provide media coverage for the real estate projects of JSM Devcons in exchange for two flats. Rajasthan Patrika published advertisements worth Rs 71,65,000/- in its newspaper. JSM Devcons issued possession letters for the flats, but Rajasthan Patrika did not receive physical possession. During the CIRP initiated by Motel Rahans Private Limited, Rajasthan Patrika submitted its claim as a financial creditor (home buyer), but the IRP admitted it as an operational creditor.
M/s Rajasthan Patrika Private Limited (Applicant) entered into a Barter Agreement dated 2014-09-30 with JSM Devcons Pvt Ltd (Corporate Debtor) to provide media coverage for the Corporate Debtor's real estate projects. As per the agreement, the Applicant was to provide media coverage worth Rs 94,50,000/- from 2014-10-01 to 2016-09-30, and in consideration, the Corporate Debtor agreed to provide flats No. 1606 and 1607 in "Pinnacle D Dreams" at Indore. The Applicant published advertisements worth Rs 71,65,000/- in its newspaper from 2014-10-01 to 2017-01-27. The Corporate Debtor issued possession letters for the flats after follow-up and a legal notice dated 2017-08-14. The Applicant did not receive physical possession of the flats. CIRP was initiated against
…M/s Rajasthan Patrika Private Limited entered…
M/s Rajasthan Patrika Private Limited was to…