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TMI Blog2019 (1) TMI 1986X X X X Extracts X X X X X X X X Extracts X X X X ..... d under section 5 (21) of the Definitions under The Code. There is a Default as defined under section 3 (12) of The Code on the part of the Debtor. The conduct of the Corporate Debtor, despite being served with the notice for intimation of hearings, is evident of the fact that he has admitted its liability - the Operational Creditor has not received the outstanding Debt from the Debtor and that the formalities as prescribed under The Code have been completed by the Operational Creditor. This Petition deserves Admission specially wherein the Debtor is accepting its default - Petition admitted - moratorium declared. - TCP No. 1688/lBC/NCLT/MB/MAH/2018 - - - Dated:- 7-1-2019 - Hon ble M.K. Shrawat. Member (J) For the Peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor (BARC) is a joint industry body comprising of Indian Broadcasting Federation (IBF), Advertising Agencies Association of India (AAAI) and Indian Society of Advertisers (ISA). BARC provides a framework to advertisers. broadcasters and advertising and media agencies to provide data points that are required to plan media spends more effectively. The Operational Creditor is providing these services since 2010. 5. The Corporate Debtor is engaged in the business of Broadcasting Channel Operator. publisher in india and has Mi Marathi news channel. The Operational Creditor has provided a limited non-exclusive, non-transferable, non-sub licensable license to use the Licensed Data and Licensed Software strictly for the purpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or despite continous follow up and reminder notices for breach and termination of End User License Agreement sent by the Operational Creditor. In the month of November, 2015, the Operational Creditor issued a letter dated 27.11.2015 to the Corporate Debtor for termination of the End User License Agreement and payment of the outstanding amount. But nothing fructified. 10. Hence, on 18.11.2017 the Operational Creditor has issued a Demand Notice U/s. 8 of the Code and the said notice is duly served upon the Debtor. But even after service of this Notice the Debtor has neither paid the Demanded Amount nor raised a dispute regards to the Debt within the stipulated time of 10 days. 11. The Petitioner states that the ledger account of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Debt as defined under section 5 (21) of the Definitions under The Code. There is a Default as defined under section 3 (12) of The Code on the part of the Debtor. 15. The conduct of the Corporate Debtor, despite being served with the notice for intimation of hearings, is evident of the fact that he has admitted its liability. Various notices were sent by the Operational Creditor calling up the Corporate Debtor to repay its dues but the Corporate Debtor neither replied to the notices nor paid the dues. 16. I have also perused the notice sent under Section 8 (2) of the Code and it came to my notice that the Debtor has received the same but has not paid the amount of unpaid dues. Further, if the Debtor wanted to place on recor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervices to the Corporate Debtor shall not be terminated during Moratorium period. It shall be effective till completion of the Insolvency Resolution Process or until the approval of the Resolution Plan prescribed under Section 31 of the Code. 20. That as prescribed under Section 13 of the Code on declaration of Moratorium the next step of Public Announcement of the Initiation of Corporate Insolvency Resolution Process shall be carried out by the IRP immediately on appointment, as per the provisions of the Code. 21. The appointed IRP shall also comply the other provisions of the Code including Section 15 and Section 18 of The Code. Further the IRP is hereby directed to inform the progress of the Resolution Plan to this Bench an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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