The case involves a petition filed by M/s. Siti Networks Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kerala Communicators Cable Limited. The basis for the petition is the alleged default in payment of Rs. 10,09,493/- as of 31.12.2019, including interest, arising from a Channel Placement Agreement between the parties. Siti Networks, a Multi System Operator, had agreed to place Kerala Vision, a channel owned by Kerala Communicators, on its network. The agreement stipulated a placement fee of Rs. 7,00,000/- per annum plus taxes. After the initial agreement expired, it was extended for two months, and invoices were raised. Despite availing the services, Kerala
…M/s. Siti Networks Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. Kerala Communicators Cable Limited (Corporate Debtor) due to a default in payment. Siti Networks, a Multi System Operator, and Kerala Communicators, a cable channel provider, entered into a Channel Placement Agreement where Siti Networks would place Kerala Communicators' channel 'Kerala Vision' on its network. The agreement, initially from October 19, 2018, to October 18, 2019, stipulated a placement fee of Rs. 7,00,000/- per annum plus taxes. After the agreement's expiry, it was extended for two months upon the Corporate Debtor's request. Siti Networks raised invoices for the services, which Kerala Communicators allegedly failed to pay. Despite repeated
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Channel Placement Agreement between Siti…
Initial term of the Channel Placement…
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The case involves a petition filed by M/s. Siti Networks Limited ('Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kerala Communicators Cable Limited. The basis for the petition is the alleged default in payment of Rs. 10,09,493/- as of 31.12.2019, including interest, arising from a Channel Placement Agreement between the parties. Siti Networks, a Multi System Operator, had agreed to place Kerala Vision, a channel owned by Kerala Communicators, on its network. The agreement stipulated a placement fee of Rs. 7,00,000/- per annum plus taxes. After the initial agreement expired, it was extended for two months, and invoices were raised. Despite availing the services, Kerala
…M/s. Siti Networks Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. Kerala Communicators Cable Limited (Corporate Debtor) due to a default in payment. Siti Networks, a Multi System Operator, and Kerala Communicators, a cable channel provider, entered into a Channel Placement Agreement where Siti Networks would place Kerala Communicators' channel 'Kerala Vision' on its network. The agreement, initially from October 19, 2018, to October 18, 2019, stipulated a placement fee of Rs. 7,00,000/- per annum plus taxes. After the agreement's expiry, it was extended for two months upon the Corporate Debtor's request. Siti Networks raised invoices for the services, which Kerala Communicators allegedly failed to pay. Despite repeated
…Channel Placement Agreement between Siti…
Initial term of the Channel Placement…
Sign in to view related legal provisions.