Rajasthan Patrika Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Topaki Media Private Limited, claiming an operational debt of Rs. 2,16,57,227/- (including principal and interest). The operational creditor, Rajasthan Patrika, provided advertisement services to the corporate debtor, Topaki Media. The corporate debtor acknowledged the services and raised invoices, but failed to make payments. The operational creditor issued a demand notice, but the corporate debtor failed to reply. The corporate debtor contended that there was an agreement between the operational creditor, the corporate debtor, and Videocon Group, where Videocon would directly
…Rajasthan Patrika Private Limited (Operational Creditor) filed a petition against Topaki Media Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of Rs. 2,16,57,227/-. The debt arose from advertisement services provided by Rajasthan Patrika to Topaki Media. Rajasthan Patrika published advertisements in its newspaper based on purchase orders/release orders from Topaki Media and raised invoices accordingly. The invoices remained unpaid, totaling Rs. 1,36,81,274/-. Rajasthan Patrika issued a demand notice dated 31.07.2018 under Section 8 of the Code. Topaki Media acknowledged the debt in emails and offered a barter arrangement involving Videocon Group, where Videocon would provide appliances to
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Rajasthan Patrika…
NCLT Mumbai admitted…
Rajasthan Patrika Private Limited filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Topaki Media Private Limited, claiming an operational debt of Rs. 2,16,57,227/- (including principal and interest). The operational creditor, Rajasthan Patrika, provided advertisement services to the corporate debtor, Topaki Media. The corporate debtor acknowledged the services and raised invoices, but failed to make payments. The operational creditor issued a demand notice, but the corporate debtor failed to reply. The corporate debtor contended that there was an agreement between the operational creditor, the corporate debtor, and Videocon Group, where Videocon would directly
…Rajasthan Patrika Private Limited (Operational Creditor) filed a petition against Topaki Media Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming an operational debt of Rs. 2,16,57,227/-. The debt arose from advertisement services provided by Rajasthan Patrika to Topaki Media. Rajasthan Patrika published advertisements in its newspaper based on purchase orders/release orders from Topaki Media and raised invoices accordingly. The invoices remained unpaid, totaling Rs. 1,36,81,274/-. Rajasthan Patrika issued a demand notice dated 31.07.2018 under Section 8 of the Code. Topaki Media acknowledged the debt in emails and offered a barter arrangement involving Videocon Group, where Videocon would provide appliances to
…Rajasthan Patrika…
NCLT Mumbai admitted…