# In the matter of Independent TV Limited CP (IB) -2856(MB)-2018

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03831. The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT)…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03831
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/independent-tv-limited-cp-ib-2856mb-2018-6edb5021

## Summary

### Background

The case involves a hearing before the Mumbai Bench of the National Company Law Tribunal (NCLT) concerning a matter under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and Corporate Debtor's counsels are present. The Operational Creditor states that settlement agreement cheques given to the Petitioner were presented to the bank but returned unpaid due to a technical issue.

## Facts

Ms. Neha Damania (Operational Creditor) filed a case against Independent TV Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Settlement agreement cheques were handed over to the Petitioner (Operational Creditor) but were returned unpaid by the bank due to a technical issue. As a result, the Corporate Debtor is directed to transfer money through RTGS within seven days. The case is listed on May 3, 2019, for filing a settlement agreement or admission. The failure of the cheques is a key fact that prompted the court's intervention to ensure payment via RTGS.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor should be directed to transfer funds via RTGS to address the issue of …

**Ratio:** The principle of ensuring timely payment and resolution of financial disputes under the

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**Reasoning:** The court reasoned that since the settlement cheques were returned unpaid due to a

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**Interpretation:** This involves interpreting the court's power to issue directives that ensure

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**Application:** The ratio and reasoning are applied to the specific fact that the settlement

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Neha Da…
- **Respondents:** Independent TV…

## Timeline

- **2019-04-16 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2019-05-03 — Next Hearin…**: Case listed for filing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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