The case pertains to a Company Petition filed by INOX Leisure Limited (the Petitioner) against Orienta Cine Advertising Private Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner and Corporate Debtor had an advertising agreement dated 15.05.2018, where the Corporate Debtor was to provide monthly sales details, and the Petitioner would raise monthly invoices. The Corporate Debtor made some ad-hoc payments against these invoices on a first-in, first-out basis. The Corporate Debtor admitted its liability in a letter dated 06.05.2019, acknowledging an outstanding amount of Rs. 9,08,65,117/- as of 31.03.2019. After further payments, a demand notice
…INOX Leisure Limited (Petitioner) and Orienta Cine Advertising Private Limited (Corporate Debtor) entered into an advertising agreement on 2018-05-15. Under the agreement, the Corporate Debtor was to provide monthly sales details, and the Petitioner would raise monthly invoices. The Corporate Debtor made ad-hoc payments, adjusted against invoices on a FIFO basis. The Corporate Debtor acknowledged receipt of all invoices but failed to make full payments. On 2019-05-06, the Corporate Debtor admitted liability of Rs. 90,865,117 as of 2019-03-31. The Corporate Debtor made payments on 2019-11-11, leaving Rs. 79,141,047 outstanding, including 12% interest. The Petitioner issued a demand notice on 2019-11-20, which the Corporate Debtor received but did not reply to.
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The case pertains to a Company Petition filed by INOX Leisure Limited (the Petitioner) against Orienta Cine Advertising Private Limited (the Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Petitioner and Corporate Debtor had an advertising agreement dated 15.05.2018, where the Corporate Debtor was to provide monthly sales details, and the Petitioner would raise monthly invoices. The Corporate Debtor made some ad-hoc payments against these invoices on a first-in, first-out basis. The Corporate Debtor admitted its liability in a letter dated 06.05.2019, acknowledging an outstanding amount of Rs. 9,08,65,117/- as of 31.03.2019. After further payments, a demand notice
…INOX Leisure Limited (Petitioner) and Orienta Cine Advertising Private Limited (Corporate Debtor) entered into an advertising agreement on 2018-05-15. Under the agreement, the Corporate Debtor was to provide monthly sales details, and the Petitioner would raise monthly invoices. The Corporate Debtor made ad-hoc payments, adjusted against invoices on a FIFO basis. The Corporate Debtor acknowledged receipt of all invoices but failed to make full payments. On 2019-05-06, the Corporate Debtor admitted liability of Rs. 90,865,117 as of 2019-03-31. The Corporate Debtor made payments on 2019-11-11, leaving Rs. 79,141,047 outstanding, including 12% interest. The Petitioner issued a demand notice on 2019-11-20, which the Corporate Debtor received but did not reply to.
…Petitioner and…
Corporate Debtor…