TMI Blog2019 (7) TMI 1843X X X X Extracts X X X X X X X X Extracts X X X X ..... torial jurisdiction e decided according to the location of the registered office of the Respondent. The applicant has also cured the defect of not enclosing the bank certificate by filing the necessary bank certificate under Section 9(3)(c) of the Code. The Applicant has established clearly that there exists debt and default on the part of the Respondent. The Respondent has not raised any dispute prior to the issuing of the notice under Section 8 of the Code by the Applicant. Application allowed - moratorium declared. - IBA-568/(ND)/2019 - - - Dated:- 4-7-2019 - MS. INA MALHOTRA, MEMBER(JUDICIAL) AND DR. V. K. SUBBURAJ, MEMBER (TECHNICAL) Malvika Kalra, Parnav Sarthi, Advocates for the Applicant Syed Kamran, Advocate for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... including newspaper, magazines, cinema, theatre, television and radio digital, hoardings, film/ radio/ digital production, supervision fees etc. and or any other medium of advertising from the client for the strategic and creative work developed by Operational Creditor. v. In accordance with the said MOU, the Applicant provided services to the Respondent and raised following invoices: a) Invoice bearing No.071 dated 15.06.2017 for an amount of ₹ 2,30,000/- b) Invoice bearing No.FIM/ 17-18/103 dated 27.10.2017 for an amount of ₹ 2,36,000/-. c) Invoice bearing No.FIM/17-18/221 dated 13.03.2018 for an amount of ₹ 66,64,000/-. d) Invoice bearing No. PIM/ 17-18/226 dated 16.03.2018 for an amount of ₹ 22,25 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct to invoice at serial no.(f) the Respondent has paid an amount of ₹ 2,50,000/- on 09.08.2018 and an amount of ₹ 2,50,000/- on 26.10.2018 aggregating to an amount of ₹ 5,00,000/-. The Respondent inspite of making the part payment towards the said invoice failed and neglected to make payment of ₹ 12,39,180/-. xii. With respect to invoice at serial no. (g) the Respondent has failed and neglected to pay any amount which was spent by the Operational Creditor towards the proofing print cost of SBI YONO on behalf of Respondent. xiii. The aggregate of the total outstanding receivable from the Respondent is amounting to ₹ 15,11,705/-. xiv. The Respondent is well aware that the Applicant had raised various inv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to which the Applicant agreed in case of any dispute the matter shall be first referred for consideration and solution by the responsible executives of the parties. In the event the dispute is not resolved, the matter shall be referred to arbitration. ii. This Tribunal does not have territorial jurisdiction in view of the territorial clause mentioned in the MOU, clause 36 says: it is agreed between the parties that any dispute/ disputes or claim/ claims arising under this agreement shall be subject to the jurisdiction of the courts in Mumbai . iii. The certificate from the financial institution maintaining account of the Applicant was not produced by the Applicant which is a mandatory requirement for filing an application unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank certificate by filing the necessary bank certificate under Section 9(3)(c) of the Code. The Applicant has established clearly that there exists debt and default on the part of the Respondent. The Respondent has not raised any dispute prior to the issuing of the notice under Section 8 of the Code by the Applicant. In the above circumstances this Tribunal is inclined to initiate CIRP of the Respondent. 4. 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; (b) transferring, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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