9911796707
TMI Blog2021 (1) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... Broadcast News Private Limited (hereinafter called "Corporate Debtor") alleging that the Corporate Debtor committed default in making payment to the extent of Rs. 52,30,839/-, principal being Rs. 49,41,663/- and interest amounting to Rs. 2,89,176/-, by invoking the provisions of Section 8 and 9 of the Insolvency & Bankruptcy Code (hereinafter called "Code") read with Rule 5 and 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 2. The Petition reveals that the Petitioner is engaged in the business of providing real time Financial Data, News and Analytics and the Corporate Debtor is engaged in the business of publishing and broadcasting.In 2017, the Corporate Debtor approached the petitioner to subscribe for i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petitioner submits that one Mr. Vaibhav Parab in the capacity of the GM IT of the Corporate Debtor has assured the Petitioner to pay the pending amount of Rs. 49,41,663/ dues in tranches but he failed to repay the debt of the Petitioner. 7. On 13th September, invoice No.C/3677/19-20 dated 3rd September 2019 for billing period 1st October, 2019 to 31 December, 2019 was returned with a response from the transition team that BTVI channel has suspended its operations on 31 August, 2019 and that services of petitioner are no longer required. 8. The Petitioner on 23.09.2019 issued a demand notice to the Corporate Debtor, Under Section 8 of the Code, demanding a sum of Rs. 52,30,839/-. There was no reply from the Corporate Debtor for the Demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as mentioned below: (a) that this bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgement, decree or other in any court of law; transferring, encumbering, alienating or disposing of by the Corporate Debtor any of its assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; the recovery of any property by an owner or lessor where such property is occupied by or in the possession of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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