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Judgment
ORDER
Per: H.P Chaturvedi, Member (Judicial)
This is a Company Petition filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Platinum Advertising Private Limited (“the Operational Creditor”), [CIN: U74300MH2009PTC190078], seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Omkar Ventures Private Limited (“the Corporate Debtor”) [CIN: U70102MH2013PTC239568].
The Corporate Debtor is a company incorporated on 11.01.2013 under the Companies Act, 1956, as a Private Company limited by shares with the Registrar of Companies, Maharashtra, Mumbai. Its registered office is at Omkar House, Off. Eastern Expressway, Opposite Sion-Chunnabhatti Signal, Sion (East), Mumbai – 400 022. Therefore, this Bench has jurisdiction to deal with the present petition.
The present petition was filed on 05.12.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs.48,03,252/-(Rupees Forty-Eight Lakhs Three Thousand Two Hundred and Fifty-Two only) together with interest @ 18% p.a. as calculated up to 15.07.2019.
The Operational Creditor had raised five invoices for display of advertisements on various media platforms, like radio and in the press, for promotion and marketing of the Corporate Debtor’s Real Estate Projects to the tune of Rs. 52,11,847.64 (Rupees Fifty-Two Lakhs Eleven Thousand Eight Hundred Forty-Seven and Sixty-Four Paisa only) out of which total outstanding amount of Rs. 42,83,719.60/- (Rupees Forty-Two Lakhs Eighty-Three Thousand Seven Hundred Nineteen and Sixty Paisa only). The debt fell due on 25.02.2019 plus interest @ 18% p.a. until realization as per clause 1 and 4 of the invoices any delayed payment would attract interest. The detail of invoices is as under: -
Sr. No | Invoice No. | Date | Work order No. | Total amount (Rs.) | Outstanding Amount (Rs.) |
|---|---|---|---|---|---|
| 1 | PM18R008 | 04.10.18 | 4700011861 /18-19 | 17,08,842.96 | 12,15,187.00 |
| 2 | PMR18R009 | 04.10.18 | 4700011861 /18-19 | 20,16,780.48 | 20,16,780.48 |
| 3 | PMR18R011 | 25.10.18 | 4700011861 /18-19 | 10,44,838.08 | 6,10,366.00 |
| 4 | MP/ORD/0 1-657/19 | 23.01.19 | 4700013411 /18-19 | 44,424.00 | 44,424.00 |
| 5 | PM18P009 | 23.01.19 | 4700013411 /18-19 | 39,6962.12 | 39,6962.12 |
| Total | 52,11,847.64 | 42,83,719.60 | |||
The Operational Creditor has been regularly following up with the Corporate Debtor regarding the payment of the outstanding amount by way of e-mails and telephone. However, the Corporate Debtor has failed and neglected to make the payment.
The Operational Creditor issued the statutory Notice dated 25.07.2019 to the Corporate Debtor, in Form-4, under Rule 5, Sub – Rule (1), Clause (b) of the Insolvency and Bankruptcy Rules, 2016, seeking payment of Rs. 48,03,252/- (Rupees Forty-Eight Lakhs Three Thousand Two Hundred and Fifty-Two only), i.e., amount due and payable together with interest @ 18% as calculated up to 15.07.2019. Despite receiving the Notice dated 25.07.2019, no response from the Corporate Debtor has been received by the Operational Creditor till date.
The matter was listed for hearing on serval occasions, on the last date i.e., 29.01.2021, this Bench recorded that the Corporate Debtor has neither completed their pleadings nor settled the matter and has only made false assurances and promises to pay. Therefore, this Bench reserved the captioned matter for passing Orders.
On 30.01.2021, the Corporate Debtor made a payment of Rs. 57,88,500/- (excluding TDS) as full and final settlement towards the principal amount and interest as mentioned in the Petition, which payment has been received by the Petitioner/Operational Creditor.
In view of the above, it is requested that the captioned matter be placed on board on 8th February 2021 for Withdrawal as in view of the settlement, the Petitioner/Operational Creditor wishes to withdraw the Petition.
It is observed that the Corporate Debtor has paid an amount of Rs. 57,88,500/- (excluding TDS) by NEFT on 30.01.2021. The Operational Creditor has filed a withdrawal memo dated 05.02.2021 as full and final settlement towards principal and interest as mentioned in the petition. Heard the Ld. Counsels, perused the records, withdrawal memo dated 02.02.2021 signed by the Director of the Company and in view of the same the CP No. 4392 (IB)/MB/C-II/2019 is disposed of as Withdrawn.
File be consigned to records.