Spenta Multimedia Pvt. Ltd., 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 Percept Advertising Ltd., the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in making payments for services rendered, specifically for publishing advertisements. The petition was filed due to the Corporate Debtor's failure to pay the principal sum of Rs. 27,92,250 along with interest, which aggregated to Rs. 46,65,480.
Spenta Multimedia Pvt. Ltd. (Operational Creditor) provided publication services to Percept Advertising Ltd. (Corporate Debtor), including publishing advertisements in 'Jetwings International', 'Jetwings Domestic', and 'The Chartered Accountant'. The Operational Creditor raised 12 invoices between June 1, 2015, and September 1, 2015. The first invoice's default date was August 31, 2015, and the last invoice's default date was November 30, 2015. The invoices included a clause for a 2% per annum penal interest on unpaid amounts after 90 days. The Corporate Debtor failed to make payments. The Operational Creditor sent a notice of unpaid operational debt on July 13, 2018, demanding Rs. 46,65,480, including interest. The Corporate Debtor denied the claims on July 21, 2018,
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Spenta Multimedia Pvt. Ltd., 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 Percept Advertising Ltd., the Corporate Debtor. The Operational Creditor alleged that the Corporate Debtor defaulted in making payments for services rendered, specifically for publishing advertisements. The petition was filed due to the Corporate Debtor's failure to pay the principal sum of Rs. 27,92,250 along with interest, which aggregated to Rs. 46,65,480.
Spenta Multimedia Pvt. Ltd. (Operational Creditor) provided publication services to Percept Advertising Ltd. (Corporate Debtor), including publishing advertisements in 'Jetwings International', 'Jetwings Domestic', and 'The Chartered Accountant'. The Operational Creditor raised 12 invoices between June 1, 2015, and September 1, 2015. The first invoice's default date was August 31, 2015, and the last invoice's default date was November 30, 2015. The invoices included a clause for a 2% per annum penal interest on unpaid amounts after 90 days. The Corporate Debtor failed to make payments. The Operational Creditor sent a notice of unpaid operational debt on July 13, 2018, demanding Rs. 46,65,480, including interest. The Corporate Debtor denied the claims on July 21, 2018,
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