# In the matter of Percept Advertising Ltd. C.P. (IB)-2973(MB)-2018

> NCLT judgment dated 2022-05-12. Citation: TCN-2022-NCLT-02770. Spenta Multimedia Pvt. Ltd., the Operational Creditor, filed a Company Petition under Section 9…

- **Court:** NCLT
- **Order date:** 12 May 2022
- **Citation:** TCN-2022-NCLT-02770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/percept-advertising-ltd-cp-ib-2973mb-2018-452a5704

## Summary

### Background

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.

## Facts

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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## Issues and analysis

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

**Ratio:** The principle that a default occurs when a debt

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**Reasoning:** The Corporate Debtor failed to make payments against the invoices raised by the

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**Interpretation:** The interpretation of 'default' under the IBC is a failure to pay a debt that

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**Application:** The Corporate Debtor's failure to pay the invoices, coupled with the penal

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Spenta Multimedia…
- **Respondents:** Percept Advertisin…

## Timeline

- **2015-06-01 — Invoice Perio…**: Start of the period during which the…
- **2015-09-01 — Invoice Per…**: End of the period during which the…

## 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)

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