# In the matter of Business Broadcast News Private Limited

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02463. The present petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/business-broadcast-news-private-limited-048a2ef0

## Summary

### Background

The present petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Vinod Kanojia & Ors., who are operational creditors, seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against Business Broadcast News Private Limited, the corporate debtor. The operational creditors claimed an unresolved operational debt of Rs. 2,09,84,154. The operational creditors were employees of the corporate debtor and claimed pending salaries and gratuity.

## Facts

Vinod Kanojia & Ors., operational creditors, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against Business Broadcast News Private Limited (BBNPL), the corporate debtor. The operational creditors were employees of BBNPL and claimed an unresolved operational debt of Rs. 2,09,84,154, which included pending salaries and gratuity. The employees were employed since 1992 until 2018. BBNPL abruptly discontinued its business in August 2019 without notice. The ownership of BBNPL was transferred to The New Paper ('TNP') Group around 28 August 2020. The operational creditors served a demand notice on 7 July 2021. The petition was filed on 13 October 2021, when the

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## Issues and analysis

### Issue 1: Whether the present Petition under Section 9 of the IB Code, 2016 can be jointly maintained by the …

**Ratio:** Operational Creditors can file a Petition under Section 9 of Insolvency and Bankruptcy

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**Reasoning:** The court relied on the judgment in Private Limited, Company Appeal (AT) (Insolvency) No.

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**Interpretation:** This means that even if multiple operational creditors jointly file a petition,

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**Application:** In this case, the petition was filed jointly by 36 petitioners. The court found

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Vinod Ka…
- **Respondents:** Business Broadcast…

## Timeline

- **1992-01-01 — Employment St…**: Operational Creditors employed…
- **2019-08-31 — Business Discon…**: BBNPL abruptly discontinued its…

## 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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