9911796707
TMI Blog2019 (12) TMI 1528X X X X Extracts X X X X X X X X Extracts X X X X ..... are relevant to the issue in question, are as follows: (1) M/s. Manipal Media Network Limited (herein after referred to as Petitioner/ Operational Creditor) is engaged in the business of printing and publishing daily newspapers in Kannada viz., "UDAYAVANI" and its supplements. (2) M/s. Vishwakshara Media Private Limited (herein after referred to as Respondent/ Corporate Debtor) is a Private Limited was incorporated on 23.09.2015, under the Companies Act, bearing CIN: U92120KA2015PTC082980. Its Authorised Share Capital is Rs. 1,00,000/- and Paid-up Capital is Rs. 1,00,000/-. It is engaged in the business of printing and taking up job works in Printing. (3) It is stated that the Corporate Debtor sub-contracted the printing of "VISHWAVANI" daily, and its supplement to the Petitioner in pursuant to a daily executed agreement dated 4th December, 2015 ("Printing Agreement"). Pursuant to Clause 7 of the Printing Agreement, the Operational Creditor charged fees based on the number of copies printed and other relevant considerations. Further, pursuant to Clause 8 of the Printing Agreement, the Operational Creditor agreed to raise bills on the Corporate Debtor on a fortnightly basis a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y agreed between the Operational Creditor and Corporate Debtor that the time slot allotted by the Second party for printing of Vishwavani Newspaper was 10.30 PM to 02.00 AM at night. The supplements for the main section to be printed by the Second party according to the printing time available at its disposal but subject to the condition that the respective supplement should be made available to the first party for distribution along with main Section of Vishwavani as the case may be. In para 6 of the agreement. The details of consumption of news print, waste generating during the point or arising out of transportation etc., are as per specification provided by the first party the second party would also provide all certificates related to printing of Vishwavani and its supplements to the first party to submit before the Authorities. The overall news print percentage should be between 5 to 6 percent and the print wastage should not exceed 4 percent. If there is any deviation in print, wastage percentage, second party/ Operational Creditor has to compensate the cost of news print on monthly basis. But the Operational Creditor has shown 19% as wastage contrary to the agreement. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y dispute and/or difference arising out of or in relation to this Agreement, it shall be referred to Arbitrator in accordance with the Arbitration and Conciliation Act, 1996". In the circumstances, the claim in question is not only bonafide but it was filed suppressing material information and thus the petition is liable to be dismissed with exemplary costs. 4. Heard Shri Yashwanth Sajjanagowdar, learned Counsel for Petitioner, and Shri Ramesh P.L, and learned Counsel for the Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code and Rules made thereunder. 5. The case was listed for admission on various dates viz., 16.10.2019, 08.11.2019, 26.11.2019, 10.12.2019 and on 16.12.2019. Since both the parties have expressed their willingness to settle the issue since so many disputed issue exists in the case, the parties are given several opportunities. However, the Petitioner insists to settle the entire outstanding amount and are not willing to accept un-disputed amount and thus urged the Adjudicating Authority to initiate CIRP for recovery of the alleged outstanding amount. Therefore, there is no other alternative for the Adjudicatin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ities rendered by them on the following basis: a. The Printing for "Vishvavani" and its supplements to be at Rs. 72.50 per 1000 good copies per color broad sheet page of the main section and Rs. 30.00 per 1000 good copies per broad sheet page in Black and White. The minimum number of chargeable copies, shall be 10000 of "Vishvavani" for each day publication after a month of edition start. For supplements, the minimum number of chargeable pages will not apply. b. At Rs. 270 per pano plate for CTP Plate Processing charges and the Plates, chemicals will be supplied by the Second Party. c. The bills raised by the Second Party on the first party are exclusive of all taxes and duties etc., as may be levied from time to time. The first party will deduct any tax to be deducted at source as applicable under the income tax Act 1961 from the bills raised by the second party for which necessary tax deduction certificates will be furnished by the first party to the second party. d. As requested by the second party, the first party would provide Financial assistance in the form of refundable security deposit of Rs. 12,00,000/- (Twelve Lakh Rupees only). e. In the event of contract bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ake out any case with regard to the alleged outstanding amount, which is under dispute, and it is based on invalid Agreement. Therefore, the Tribunal cannot go roving enquiry with regard to the alleged claim, under the provisions of the Code, which is summary in nature. In the light of above terms and conditions of the Agreement in question, it prima facie shows that the claim made in the instant Petition is not only contrary to the terms of Agreement but also in serious dispute. As stated supra, the Petitioner failed to respond to various emails sent by the Respondents and to correlate the bills. 10. It is not in dispute that the Agreement in question has already expired during 2017 itself, and there is a refundable security deposit of Rs. 12,00,000/- (Rupees Twelve Lakhs only) which is stated to have forfeited in lieu of outstanding amount. Even as per Agreement, rate of 15% p.a. will be charged until the date of settlement. However, the Petitioner has claimed 18% p.a. As stated supra, the Petitioner stated to have supplied only 4000 copies instead of 10,000 copies It is not tenable to contend that instead of failing to respond to various emails sent by the Respondent and to se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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