- (1.) The petitioner, a registered company, has filed this application u/s 9 of the IBC, 2016 (hereinafter referred to as 'Code') claiming to be an 'Operational Creditor'. As per the submissions made, the Operational Creditor is a Company engaged in the business in the of media and entertainment. It owns and operates news channels. The Corporate Debtor is also a duly registered company and it engaged in the business of real estate project, (herein referred to as Corporate Debtor). The Operational Creditor has been providing advertising services to the Corporate Debtor by airing their advertising campaign on its channels CNN-IBN & IBN7 and as consideration Corporate Debtor agreed to pay in part and in cash. It has agreed to pay the remaining part by allotting immovable property as a barter arrangement but the Corporate Debtor has failed to make the agreed payment to the Operational Creditor nor delivered the property in terms of the Agreement to it, hence the Operational Creditor prays for initiation of the Insolvency Resolution Process against them as they are in default of payment of Rs.8,74,50,296 /-. It is submitted that despite demands made from time to time, the Corporate Debtor has failed to liquidate its liability and has committed default.
(2.) The present petition has been filed in the form and manner prescribed under the Code. It is annexed with the copies of the invoices and delivery receipts from 30.11.2011 to 31.07.2014. The Operational creditor has been maintaining a ledger account reflecting the statement of debit and credit in the running account with the Corporate Debtor which reflects an outstanding liability of Rs. 8,74,50,296/-, towards the unpaid bills. It is submitted that the total outstanding liability is Rs. 11, 95, 68,947/- out of which only Rs.3,21,18,651 has been paid by the Corporate Debtor. Seven post-dated cheques were also issued by the Corporate Debtor to the operational creditor amounting Rs.33,14,618/- ("Cheque dated: 15.05.2014, 30.06.2014, 28.06.2014, 26.06.2014, 15.06.2014, 23.06.2014") which were not deposited by the operational creditor on the instances of drawer not to do so. It is submitted by the Ld. Counsel for the Operational Creditor that they have duly complied with the mandatory provisions of Section 9 (3) (a), (b) & (c) of the Code. Copies of the invoices and delivery challans sent along with their demand notice dated 16/03/2017 to the Corporate Debtor have been placed on record. The applicant submits that the Corporate Debtor has not raised any dispute with respect to the un-paid operational debt and an affidavit has been filed as required u/s 9(3) (b) of the code.
(3.) Notice u/s 8 of the Code has remained unreplicd and steps were taken by the Operational Creditor to notify the Corporate Debtor about listing of this petition on 16th March 2017.;