SEBI and Corporate Laws – July 15, 2019

2019] 45

CASE DIGEST

instant application filed on 21-3-2018 was well within limitation period of twelve
years and thus, same was to be admitted - Held, yes

CASES REFERRED TO
Babulal Vardhaji Gurjar

v.

Veer Gurjar Aluminium Industries (P.) Ltd.

[Civil
Appeal
No.
10710
of 2018 , dated 26 -^2 -^2019 ], B.K. Educational Services (P.) Ltd. v. Paras Gupta &
Associatesv. [^2018 ] 98 taxmann.com 213 /^150 SCL 293 (SC), Innoventive Industries Ltd.
ICICI Bank Ltd. [^2017 ] 84 taxmann.com 320 /^143 SCL 625 (SC) and Binani Industries
Ltd. v. Bank of Baroda [^2018 ] 99 taxmann.com 164 /^150 SCL 703 (NCL-AT).
Piyush Singh

and

Kumar Pradyuman

,
Advs.
for the Appellant. Ramji Sriniva-
san

,

Sr.

Adv.,

Sonal Jain

,

Ms. Sylona Mohapatra

,

Nikhil Ramdev

,
Ms. Heena
Sharma

,

Anant A. Pavgi

,

A. Anand

,

Advs.

for the Respondent.

nn

[2019] 154 SCL 45 (Mag.)/106 taxmann.com 278 (NCLT-Beng.)

NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH

Posterscope Outdoor Advertising (P.) Ltd. v. Nitesh Residency

Hotels (P.) Ltd.

RAJESWARA RAO VITTANALA, JUDICIAL MEMBER

C.P. (IB) NO. 108/BB OF 2017

MAY 10, 2019

Where claim of operational creditor was not in accordance with terms of
settlement agreement executed between operational creditor and corporate
debtor and therefore, serious dispute existed with reference to claim made
by operational creditor, application to initiate CIRP against corporate debtor
was to be rejected

Section 5(6), read with section 9, of the Insolvency and Bankruptcy Code, 2016 -
Corporate Insolvency Resolution Process - Dispute - Operational creditor provided
advertising and allied services to corporate debtor - Respondent/corporate debtor
failed to pay to operational creditor for services availed - Corporate debtor ap-
proached operational creditor for full and final settlement of dues but it failed to
make any payments under settlement agreement - In response to statutory notice,
corporate debtor sent a demand draft for sum of Rs. 5 lakhs to operational creditor
towards partial payment of debt due and failed to pay remaining amount - Op-