9911796707
TMI Blog2019 (2) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... tioner on 14th December 2018 stating that the Corporate Debtor (in short "the debtor") having defaulted repaying of the petitioner has sought for initiation of Corporate Insolvency Resolution Process against the Debtor. 2. On perusal of the record and on hearing the counsel of either side for more than one hour, at the outset we have noticed that this debtor is a producer of TV programmes, while telecasting its programmes, since the debtor gets "Free Commercial Tirne " (FCT), the debtor will sell the same to marketing agents, in the process of doing so, this debtor sold its FCT to the petitioner (marketing agent) at a particular price, so that this petitioner would sell FCT at its volition in the market for advertisement of products over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il 2016 to 31st May 2016, lune 2016 to 31st July 2016, August 2016 to 31st August 2016, 1st September 2016 to 30th September 2016, 1st October 2016 to 31st October 2016 and Is' November 2016 to 30th November 2016, December 2016 to 31st December 2016, Banked PCT letter dated 30.112016 and Ganga Agreement dated 09'/' December 2016. Dear Madam, SUB: Banking of ECT on SLIN TV Channel for your Tamil language program "PASAMALAR/GANGA" during the month of January 2017 to 31st January 2017. Pursuant to our discussions on the above subject we wish to record the Understanding arrived between us as under:- Due to the recent implementation of demonetization policy by the Government of India, various businesses including Televisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t within 15 days of the agreement coming to an end. The agreement under reference shall stand amended / modified to the extent agreed herein; all other terms and conditions of the referred agreement shall remain valid and binding on us. Please sign and return a copy of this letter confirming the above. We agree and confirm the above For Saregmna India Limited. For Home Movie Makers Pvt. Ltd. Sd/- Sd/- Authorized signatory Authorized signatory" 4. To show that it is a financial debt, this Applicant has annexed another document i.e. the balance confirmation dated April 10, 2018 for an amount of which was confirmed by the debtor in respect to various amounts given on respective dates regarding consumption of FCT for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f banked FCTs, in this case, the petitioner says since FCT was not used, money has to be returned, whereas the debtor says banked FCTs was sold to the petitioner and the petitioner has failed to market it, therefore the petitioner in turn has to pay damages to the debtor. We have not come across any agreement to assume that this transaction originated as financial transaction indicating as debt falling under any one of the heads defined under section 5 (8) of the Code. Moreover, the petitioner itself sent section 8 notice on 15.11.2018 referring it as operational debt; we wonder how it has become financial debt when the debtor disputed the claim mentioned in section 8 notice. 7. To show that it is not a financial debt, the debtor counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oduction monies available to you are insufficient, we hereby agree to a marketing commission Of 7% till 31st July 2018. After 31st July 2018 the marketing commission will once again stand revised to 80/0. 4. You acknowledge that you are liable to pay the advances as mentioned herein above and shall repay the same. In the event if the referred Agreement comes to an end, either by efflux of time or upon earlier termination for any reason whatsoever, and if the said Amount or any other payment (under the Agreement in reference) or any portion thereof remains to be recovered by us, then you shall refund us such unrecovered amount within 7 days of the Agreement coming to an end. 5. The Agreement under reference shall stand amended / modifi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
