The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor due to an alleged default in payment for services rendered. The Corporate Debtor disputed the claim, citing a pre-existing dispute regarding the non-issuance of a No-Objection Certificate (NOC) for the intellectual property rights of the television commercial (TVC) produced.
M/S Law & Kenneth Saatchi & Saatchi Private Limited, the Operational Creditor, filed an application on December 3, 2021, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Patanjali Paridhan Private Limited, the Corporate Debtor, for a total outstanding amount of Rs. 1,76,12,000/-, which included an invoice amount of Rs. 1,19,00,000/- and interest at 24% per annum from March 1, 2019, to March 1, 2021. The Operational Creditor had undertaken to provide services for the production of a television commercial ( TVC ), print shoot, and digital content
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Operational Creditor…
Corporate Debtor paid…
The Operational Creditor filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor due to an alleged default in payment for services rendered. The Corporate Debtor disputed the claim, citing a pre-existing dispute regarding the non-issuance of a No-Objection Certificate (NOC) for the intellectual property rights of the television commercial (TVC) produced.
M/S Law & Kenneth Saatchi & Saatchi Private Limited, the Operational Creditor, filed an application on December 3, 2021, under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against M/S Patanjali Paridhan Private Limited, the Corporate Debtor, for a total outstanding amount of Rs. 1,76,12,000/-, which included an invoice amount of Rs. 1,19,00,000/- and interest at 24% per annum from March 1, 2019, to March 1, 2021. The Operational Creditor had undertaken to provide services for the production of a television commercial ( TVC ), print shoot, and digital content
…Operational Creditor…
Corporate Debtor paid…