- (1.) The 'Operational Creditor', M/s Portrait Advertising & Marketing Private Limited has filed the instant application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') with a prayer for initiating Corporate Insolvency Resolution Process against the 'Corporate Debtor'-M/s Mothers Pride Dairy India Private Limited (for brevity the 'Corporate Debtor').
(2.) Brief facts of the case necessary for disposal of the controversy raised in this petition are that the Operational Creditor is a registered Company and is engaged in providing marketing and advertising services to its clients. Likewise, the Corporate Debtor is also a Company registered under the Companies Act, 1956. The Corporate Debtor in the year 2016 hired the Operational Creditor for providing marketing and advertising services for promotion of its Company. Accordingly, the parties entered into a contract dated 14.04.2016 and the Corporate Debtor availed the services for which invoices were raised by the Operational Creditor. The details of invoices have been made available and the total outstanding amount has been struck after setting off the payments made. It is calculated to be Rs. 64,49,530/-The details of the invoices is as under:- The Operational Creditor-applicant has asserted that it has engaged and entered into a contract with third parties so as to provide timely services to the Corporate Debtor and all such third parties have also been sending demand notices to the Operational Creditor.
(3.) After default had occurred, the Operational Creditor sent a demand notice under the provisions of the Code on 20.03.2017 for repayment of the outstanding amount. However, no reply was received even after expiry of 20 days from the Corporate Debtor. A copy of the notice has been placed on record (Annexure-1). The copies of the invoices have also been placed on record (Annexure-2 colly). The copies of the ledger accounts from 01.04.2016 to 31.03.2017 have been placed on record too. A copy of the agreement dated 14.04.2016 for ATL and BTL services have also been added with the petition.;