Facts:

• Mukul Rajhans, suspended Director of Topaki Media Private Limited (TMPL), (Corporate Debtor), was the Appellant and Rajasthan Patrika Private Limited, a news agency, was the Respondent.
• Topaki Media Private Limited (herein referred to as TMPL) provided advertising services as an agent for Videocon Industries Limited (VIL) and engaged Rajasthan Patrika Private Limited to publish advertisements in its newspapers.
• Due to payment delays from Videocon Industries Limited (VIL), an agreement to settle debts through barter failed, leaving amounts unpaid.
• Consequently, the Respondent demanded payment from TMPL and initiated the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency Bankruptcy Code.
• The case was initially filed with the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted the application and initiated a Corporate Insolvency Resolution Process (CIRP) against TMPL.
• Aggrieved by the decision of NCLT Mumbai the Respondent filed the present appeal before the NCLAT, New Delhi and seeks to quash the impugned order.

Background:

NCLT Mumbai’s Holding

• Rajasthan Patrika Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Topaki Media Private Limited (TMPL).
• The National Company Law Tribunal (NCLT), Mumbai Bench ("The Adjudicating Authority") issued an Order in Company Appeal (IB) No. 4278(MB)/2019, admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP) against TMPL.
• Aggrieved by the order for Corporate Insolvency Resolution Process (CIRP) the Appellant, filed an appeal under Section 61 of the Insolvency and Bankruptcy Code against the NCLT's order.
  (Paragraph 1)
  

Main issues:

1. Whether an agent can be held liable for outstanding dues to an Operational Creditor when the debt is attributable to the principal?
2. Whether the admission of insolvency proceedings against the agent under Section 9 of the Insolvency and Bankruptcy Code, 2016, was tenable or not? (Paragraph 15)