The case originates from a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Novex Communications Private Limited (Operational Creditor) against Four Pillars Event Management Services Private Limited (Corporate Debtor). The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to unpaid dues. The Operational Creditor claimed that the Corporate Debtor failed to make payment of ₹3,00,000.00 as principal and ₹23,474.00 as interest as on 20.03.2018, which was stated to be the date of default.
Novex Communications Private Limited (Operational Creditor) filed a petition against Four Pillars Event Management Services Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed to be the assignee of copyrights over certain sound recordings and had agreements with Zee Entertainment Enterprises, Eros International Media Limited, Shemaroo Entertainment Limited, and Tips Industries Limited. The Corporate Debtor, an event management company, approached the Operational Creditor for on-Ground Performance Rights for an event called “Da Bangg The Tour Pune” held on 24.03.2018. The Operational Creditor raised a proforma invoice dated 20.03.2018 for ₹3,00,000/- for non-exclusive public performance rights.
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Four Pillars Event Management Services Private…
Operational Creditor…
The case originates from a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Novex Communications Private Limited (Operational Creditor) against Four Pillars Event Management Services Private Limited (Corporate Debtor). The Operational Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to unpaid dues. The Operational Creditor claimed that the Corporate Debtor failed to make payment of ₹3,00,000.00 as principal and ₹23,474.00 as interest as on 20.03.2018, which was stated to be the date of default.
Novex Communications Private Limited (Operational Creditor) filed a petition against Four Pillars Event Management Services Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor claimed to be the assignee of copyrights over certain sound recordings and had agreements with Zee Entertainment Enterprises, Eros International Media Limited, Shemaroo Entertainment Limited, and Tips Industries Limited. The Corporate Debtor, an event management company, approached the Operational Creditor for on-Ground Performance Rights for an event called “Da Bangg The Tour Pune” held on 24.03.2018. The Operational Creditor raised a proforma invoice dated 20.03.2018 for ₹3,00,000/- for non-exclusive public performance rights.
…Four Pillars Event Management Services Private…
Operational Creditor…