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TMI Blog2021 (1) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... period 01.04.2019 to 24.10.2019 wherein it was shown that a sum of ₹ 49,41,663/- is due from the Corporate Debtor. The assurance of the Corporate Debtor to pay the said outstanding dues amounts to admission of its liability. The Corporate Debtor were in breach of terms and conditions of contract in not complying with the 90 days notice period as required under the Subscription form and also defaulted the payment terms and therefore there is a clear liability of payment of monies dues under the several invoices raised by the petitioner. The corporate Debtor having availed the services, failed to pay the monies due under the invoices. This bench hereby prohibits the institution of suits or continuation of pending suits or proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 its News feed-Cogencis Equity Wire Package bide Subscription Form dated 25/01/2018. 3. The Corporate Debtor subscribed for news feed having start bill date 01.07.2017, the subscription form entailed that the payment shall be made in quarterly in advance, the Corporate Debtor agreed with terms mentioned in the subscription form that if any invoi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ₹ 52,30,839/-. There was no reply from the Corporate Debtor for the Demand Notice and the Petitioner has filed affidavit as required under Section 9(3)(b) of the Code stating that there was no notice of dispute given by the Corporate Debtor. 9. The matter was listed on 14.12.2020 for hearing (hearing conducted via video conference), there is no reply from the side of the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate 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 the Corporate Debtor. (b) that the supply of essential goods or services to the Corporate Debtor, if continuing, shall not be terminated or suspended or interrupted during moratorium period. (c) that the provisions of sub-section (1) of Section 14 shall not apply to such transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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