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TMI Blog2019 (2) TMI 1717X X X X Extracts X X X X X X X X Extracts X X X X ..... of. Petition dismissed. - CP/1506/1B/2018 - - - Dated:- 14-2-2019 - MR B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) AND MR S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For The Financial Creditor : Mr. Adithya Redddy, Advocate And Mr. S. Mnnikadan, Advocate For The Corporate Debtor : : Mr. TK Bhaskar, Advocate And Mr. Vikram P. Jain, Advocate ORDER Per. B. S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is a Company Petition filed u/s 7 of the Insolvency Bankruptcy Code, 2016 ( the Code ) by the Petitioner on 14th December 2018 stating that the Corporate Debtor (in short the debtor ) having defaulted repaying of the petitioner has sought for initiation of Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Legacies. Dt.3Tt January 2017 Home Movie Makers Pot. Ltd., New No.65, Old No.34, Santhome High Road, Chennai-600 004. Ref: Agreement dated 28th September 2013, letter dated 19th March 2014 and 25Eh June 2014 (Addendum) and 1st October 2014 (Addendum), 1st November 2014 to March 31st 2015, April 2015 and May 2015 to May 2015 from June 2015 to July 15 ' 2015 from 16th July 2015 to September 2015, October 2015 to 31st October 2015 and November 2015 to 30th November 2015, December 2015 to 31st December 2015, and 1st January 2016 to 31st January 2016, 1st February 2016 to 29th February 2016, March 2016 to 31st March 2016, April 2016 to 31st May 2016, lune 2016 to 31st July 2016, August 2016 to 31st August 2016, 1st Septembe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proval allowing us to bank and sell the unsold FCT (accumulated during November 2016 to March 2017) during telecast of subsequent episodes of the subject TV Program after 31st Janunry 2017 till the same are completely sold. In the event if you fail to procure the aforesaid approval from SLIN TV then you shall refund us the aforesaid advance amount to the extent remaining un-recouped latest by 31st March 2017. 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 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has made us run through various letters/correspondences to impress upon that it as a financial debt ignoring the fact that these parties at the inception entered into agreements for usage Of Free Commercial Time. Wherein, this Petitioner appeared to have advanced some amounts. When the debtor rightly disputed the claim looking at the notice u/s 8 of the Code issued by the petitioner, the petitioner, instead of proceeding under section 9 of the Code, has filed this petition changing the very nature of the claim itself. Moreover, the petitioner, to its convenience, has not even disclosed the debtor replying to it saying that the petitioner indeed failed to commercialise the FCT provided to it. 6. As per the letter and email corr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Dear Sirs, SLIB: Adjustment of the advances made to you for your Tamil language programme PASAMALAR/GANGA on SUN TV Channel till 30th September, 2017. Pursuant to our discussions on the above subject we wish to record the understanding arrived between us as under:- 1. Since the arrangement for recovery of adonnces as set forth in the letter dated 29th May. 2017 under reference failed due to various reasons, we have mutually decided to enter into this new arrangement for the recovery Of advances made to yon to the tune of (excluding the security deposit) as on 30th September, 2017. 2. It has been agreed that the afore mentioned advances would be recovered til ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 / 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 Snregnma India Limited Home Movie Makers Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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