Law & Kenneth Saatchi & Saatchi Private Limited Vs Patanjali Paridhan Private Limited (NCLAT Delhi)
NCLAT Delhi held that rejection of application u/s. 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) justified due to pre-existing dispute as relevant NOC was not provided by the operation creditor.
Facts- The Appellant- Operational Creditor had undertaken to provide services for production of Television Commercial, print shoot and digital content for the Respondent -Patanjali Paridhan Private Limited under the terms of proforma invoice dated 17.10.2018.
Notably, Operational Creditor had rendered services to the complete satisfaction of the Corporate Debtor and had raised final invoice on 29.01.2019 for sum of Rs. 2,06,50,000/-, out of which advance of Rs. 87,50,000/- was already received by the Operational Creditor on 26.10.2018 and the balance amount of Rs. 1,19,00,000/- was payable by the Corporate Debtor.
The Appellant that it had reminded the Corporate Debtor on multiple occasions and as no payment was forthcoming, the Operational Creditor issued notice u/s. 8 of the IBC which was duly served on the Corporate Debtor. Since no payment was forthcoming from the Corporate Debtor, the Appellant had filed application u/s. 9 of the IBC, 2016 before NCLT which was dismissed by impugned order.
