Zenith Media Scope Private Limited Vs Nirvikar Films LLP (NCLT Delhi)
The petition was filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 seeking initiation of the Corporate Insolvency Resolution Process (CIRP), declaration of moratorium and appointment of an Interim Resolution Professional against the Corporate Debtor for an alleged default of ₹1,49,14,432 as on the date of filing.
According to the Operational Creditor, the Corporate Debtor engaged it to provide advertisement and promotion services pursuant to a purchase order dated 11 April 2022, which required payment within 30 days of the invoice. An invoice dated 30 April 2022 was paid on 2 August 2022, while subsequent invoices dated 29 August 2022 and 1 September 2022 remained unpaid. The parties later entered into a full and final arrangement on 31 March 2023, pursuant to which the Operational Creditor issued a credit note reducing the total dues payable. The Operational Creditor thereafter issued a demand letter dated 7 August 2024 seeking payment of the outstanding principal along with interest. It contended that the Corporate Debtor, in its communication dated 12 August 2024, did not dispute either the commercial relationship or the outstanding dues and only sought time for payment. A demand notice under Section 8 of the Code was issued on 24 February 2026, and in its reply dated 21 March 2026, the Corporate Debtor again sought time for payment. The Operational Creditor claimed a total default of ₹1,49,14,432 comprising principal of ₹89,56,353 and interest of ₹59,58,079.
