The case involves a petition filed by Sony Music Entertainment India Private Limited (Operational Creditor) against Baadl Technologies Private Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding operational debt of ₹43,56,000/- based on a Consent Licence Agreement. The Corporate Debtor sought to terminate the agreement, which the Operational Creditor refused. A demand notice was issued, and the Corporate Debtor admitted the debt but requested time to make the payment.
Sony Music Entertainment India Private Limited (Operational Creditor) and Baadl Technologies Private Limited (Corporate Debtor) entered into a Consent Licence Agreement on January 1, 2017, where the Operational Creditor granted a license to the Corporate Debtor to use certain sound recordings. The Corporate Debtor agreed to pay ₹3,75,00,000/- plus applicable taxes for the license, valid until October 31, 2018. The Operational Creditor raised invoices, which were initially paid. An invoice dated April 6, 2017, for ₹43,56,000/- remained unpaid. The Corporate Debtor sought to terminate the agreement via email on June 21, 2017, which the Operational Creditor refused via notice dated July 7, 2017. The Operational Creditor reminded the Corporate Debtor of the debt via letter
…Sign in to view the parties.
Operational Creditor…
Operational Creditor…
The case involves a petition filed by Sony Music Entertainment India Private Limited (Operational Creditor) against Baadl Technologies Private Limited (Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor claimed an outstanding operational debt of ₹43,56,000/- based on a Consent Licence Agreement. The Corporate Debtor sought to terminate the agreement, which the Operational Creditor refused. A demand notice was issued, and the Corporate Debtor admitted the debt but requested time to make the payment.
Sony Music Entertainment India Private Limited (Operational Creditor) and Baadl Technologies Private Limited (Corporate Debtor) entered into a Consent Licence Agreement on January 1, 2017, where the Operational Creditor granted a license to the Corporate Debtor to use certain sound recordings. The Corporate Debtor agreed to pay ₹3,75,00,000/- plus applicable taxes for the license, valid until October 31, 2018. The Operational Creditor raised invoices, which were initially paid. An invoice dated April 6, 2017, for ₹43,56,000/- remained unpaid. The Corporate Debtor sought to terminate the agreement via email on June 21, 2017, which the Operational Creditor refused via notice dated July 7, 2017. The Operational Creditor reminded the Corporate Debtor of the debt via letter
…Operational Creditor…
Operational Creditor…