K. Anantha Padmanabha Swamy, Member - (1.) Under consideration is an application filed under Section 9 of the I & B Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (The Rules) by M/s.Adiquity Technologies Private Limited (The Operational Creditor) against M/s.Netmeds Market Place Limited (The Corporate Debtor) , having its registered office at No.l, Lalitha puram Street, Royapettah, Chennai, Tamil Nadu - 600 014.
(2.) The brief averments inter-alia made in the application are that there is a contract/ Agreement entered into between M/s. Adiquity Technologies Private Limited and M/s.Netmeds Marketplace Limited the applicant has posted advertisements of the Netmeds Products and/or services to draw download of mobile App known as "Mobile App Install advertisement" under the CPI (Cost per Installation) advertisement type provided by Netmeds on mobile sites and mobile applications across Adiquity's Network and has raised invoice under the invoice No's 13/09/15-16, 21/10/15-16, 20/10/15-16, 17/11/15-16,17,12,15-16, 14/01/15-16 for a total amount of Rs.62,55,430/- out of which part payment has been made of Rs.38,23,915/-. The Corporate Debtor failed to pay the amount of Rs.28,09,344.80 which is due to be paid, and this amount is the operational debt. Further in proof of default the operational creditor has enclosed the 1 .MAT Report 2. The statement of Accounts 3. Release orders, 4. Invoice copies.
(3.) In further at Part 5 of column 8 of the petition, the Applicant also specified the other documents which are all enclosed like the status of the Respondent Company, Bank Statement, Copies of the Notices sent, etc. Since the Respondent Company has failed to pay its debt, the present application is filed before this Adjudicating Authority praying for an order to commence the Corporate Insolvency Resolution Process against the Respondent Company.;