TMI Blog2020 (3) TMI 706X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant. Dr. Saif Mahmood for the Respondent. ORDER 1. This is an application filed by the applicant M/s. Ashwini Infocom Pvt. Ltd. seeking to initiate corporate insolvency resolution process ( CIRP ) under section 9 of the Insolvency and Bankruptcy Code, 2016 against the Respondent M/s. Spectacular Media Marketing Pvt. Ltd. for the alleged default on the part of the Respondent in settling an amount of ₹ 1,07,32,455/- towards the supply of mobile phones. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: i. The Applicant engaged in the trading of mobile phones. The Respondent is involved in advertisement related activities. ii. In September, 2017, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irst settling their previous accounts as mentioned above, the Respondent issued a subsequent purchase order dated 03.01.2018 to the Applicant tor the delivery of additional 1,500 units of Titan T40 mobile phones for a sum of ₹ 23,99,998/-. however, the same was rejected by the Applicant, due to their non-payment for the earlier purchase order. vii. The Applicant on 14.11.2018 issued a demand notice demanding payment. After receiving the said demand notice, the Respondent contacted the Applicant and subsequently, a meeting was held between them on 23.11.2018, wherein the Respondent issued a cheque of ₹ 10,00,000/- dated 23.11.2018. bearing Ch. No. 002953, drawn on RBL Bank to the Applicant and further assured that the balanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the part payments made by the Respondent amounting to ₹ 42,97,919/-. the Respondent is liable lo pay the Applicant, a sum of ₹ 1,07,32,455/- along with 18% interest p.a. w.e.f. 30 days of the receipt of the respective goods on the unpaid amount. xiii. It is submitted that the Applicant had earlier filed an application being IB-600 (ND) of 2019 for the same cause of action which was withdrawn on 26.03.2019 with liberty to file afresh which was grained by this Hon'ble Court as there were certain inadvertent errors which had crept into the earlier application filed. 2. Consequent to the issue of notice by the Applicant as well as by the Tribunal. Mr. Vivek Agarwal Advocate appeared on behalf of the Respondent and undertoo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further assured that the balance amount shall be made by them before 31.12.2018. The Respondent has even given a payment plan which was not acceptable by the Applicant. From the above discussions it is clear that the Applicant has established the existence of debt and default on the part of the Respondent. Since, the Respondent has nothing to offer as reply, this Tribunal initiates CIRP on the Respondent with immediate effect. 5. A moratorium in terms of section 14 of the Code is imposed forthwith in following terms: (a) the institution of suits or continuation of pending suits or proceedings against the Respondent including execution of any Judgment, decree or order in any Court of law tribunal arbitration panel or other authority; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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