Star India Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Advance Multisystem Broadband Communications Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had entered into a subscription license agreement for the transmission of channels. The licensing fee was fixed at Rs. 50 lakhs per month excluding taxes. The Corporate Debtor defaulted on payments, leading the Operational Creditor to issue a disconnection notice and deactivate the supply of signals. A fresh supplementary license agreement was entered into, but the Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice
…Star India Private Limited (Operational Creditor) and Advance Multisystem Broadband Communications Limited (Corporate Debtor) entered into a subscription license agreement for channel transmission. The agreed licensing fee was Rs. 50 lakhs per month, excluding taxes. The Corporate Debtor defaulted on payments, leading the Operational Creditor to issue a disconnection notice and deactivate signal supply from 2017-08-28. A settlement agreement was attempted, but the Operational Creditor continued supplying signals. A fresh supplementary license agreement was effective from 2018-01-01 to 2018-12-31. The Corporate Debtor failed to make payments, prompting the Operational Creditor to issue a demand notice in August 2018 via post and email. The postal notice was returned
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Operational Creditor issued a disconnection…
Period of default…
Star India Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Advance Multisystem Broadband Communications Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Operational Creditor and Corporate Debtor had entered into a subscription license agreement for the transmission of channels. The licensing fee was fixed at Rs. 50 lakhs per month excluding taxes. The Corporate Debtor defaulted on payments, leading the Operational Creditor to issue a disconnection notice and deactivate the supply of signals. A fresh supplementary license agreement was entered into, but the Corporate Debtor failed to make payments. The Operational Creditor issued a demand notice
…Star India Private Limited (Operational Creditor) and Advance Multisystem Broadband Communications Limited (Corporate Debtor) entered into a subscription license agreement for channel transmission. The agreed licensing fee was Rs. 50 lakhs per month, excluding taxes. The Corporate Debtor defaulted on payments, leading the Operational Creditor to issue a disconnection notice and deactivate signal supply from 2017-08-28. A settlement agreement was attempted, but the Operational Creditor continued supplying signals. A fresh supplementary license agreement was effective from 2018-01-01 to 2018-12-31. The Corporate Debtor failed to make payments, prompting the Operational Creditor to issue a demand notice in August 2018 via post and email. The postal notice was returned
…Operational Creditor issued a disconnection…
Period of default…