The case involves a Company Petition filed by M/s High Ground Enterprise Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Roshan Space Brand Com Private Limited (Corporate Debtor). The Operational Creditor claimed an operational debt of INR 94,00,000/- along with interest at 24% per annum, with the date of default stated as 19.04.2018. The Corporate Debtor denied the liability, stating that the payment was conditional upon the Operational Creditor providing satisfactory proof of advertisement display, which was not provided. The Corporate Debtor also claimed that the Petitioner had utilized counterfeit Input Tax Credit.
M/s High Ground Enterprise Limited (Operational Creditor) filed a petition against M/s. Roshan Space Brand Com Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of INR 94,00,000/- along with interest at 24% per annum. The Operational Creditor was to display the Corporate Debtor's advertisements on billboards. The Corporate Debtor paid an advance of Rs. 22,00,000/-. The date of default was stated as 19.04.2018. The Corporate Debtor contended that the remaining amount was payable only upon the Operational Creditor providing satisfactory proof of advertisement display. The Corporate Debtor sent letters dated 15.05.2018 and 20.01.2019 seeking proof of advertisement work, which the Operational
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Advertising campaign…
Petitioner issu…
The case involves a Company Petition filed by M/s High Ground Enterprise Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Roshan Space Brand Com Private Limited (Corporate Debtor). The Operational Creditor claimed an operational debt of INR 94,00,000/- along with interest at 24% per annum, with the date of default stated as 19.04.2018. The Corporate Debtor denied the liability, stating that the payment was conditional upon the Operational Creditor providing satisfactory proof of advertisement display, which was not provided. The Corporate Debtor also claimed that the Petitioner had utilized counterfeit Input Tax Credit.
M/s High Ground Enterprise Limited (Operational Creditor) filed a petition against M/s. Roshan Space Brand Com Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of INR 94,00,000/- along with interest at 24% per annum. The Operational Creditor was to display the Corporate Debtor's advertisements on billboards. The Corporate Debtor paid an advance of Rs. 22,00,000/-. The date of default was stated as 19.04.2018. The Corporate Debtor contended that the remaining amount was payable only upon the Operational Creditor providing satisfactory proof of advertisement display. The Corporate Debtor sent letters dated 15.05.2018 and 20.01.2019 seeking proof of advertisement work, which the Operational
…Advertising campaign…
Petitioner issu…