Asianet Satellite Communications Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Cinema 24x7 Private Limited for an alleged default of Rs. 12,77,98,130. The Operational Creditor and Corporate Debtor entered into an agreement dated 24.07.2015, where the Operational Creditor agreed to place the Corporate Debtor's channels on its digital platform. An addendum agreement was later entered into. Disputes arose regarding payments, leading to the Corporate Debtor terminating the agreements and the Operational Creditor claiming outstanding dues. The Corporate Debtor also filed a Broadcasting Petition before the Telecom Disputes Settlement and Appellate Tribunal
…Asianet Satellite Communications Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Cinema 24x7 Private Limited (Corporate Debtor) for a default of Rs. 12,77,98,130. The parties had entered into a Channel Carriage Agreement on 24.07.2015, and an Addendum Agreement on 12.06.2016, where the Operational Creditor agreed to place the Corporate Debtor's channels on its platform. The Corporate Debtor agreed to pay carriage fees. Disputes arose, and the Corporate Debtor terminated the agreements on 21.06.2017, citing declining viewership and TRAI regulations. The Operational Creditor claimed outstanding dues, while the Corporate Debtor argued a pre-existing dispute and filed a Broadcasting Petition before TDSAT on
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Asianet Satellite Communications Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Cinema 24x7 Private Limited for an alleged default of Rs. 12,77,98,130. The Operational Creditor and Corporate Debtor entered into an agreement dated 24.07.2015, where the Operational Creditor agreed to place the Corporate Debtor's channels on its digital platform. An addendum agreement was later entered into. Disputes arose regarding payments, leading to the Corporate Debtor terminating the agreements and the Operational Creditor claiming outstanding dues. The Corporate Debtor also filed a Broadcasting Petition before the Telecom Disputes Settlement and Appellate Tribunal
…Asianet Satellite Communications Limited (Operational Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Cinema 24x7 Private Limited (Corporate Debtor) for a default of Rs. 12,77,98,130. The parties had entered into a Channel Carriage Agreement on 24.07.2015, and an Addendum Agreement on 12.06.2016, where the Operational Creditor agreed to place the Corporate Debtor's channels on its platform. The Corporate Debtor agreed to pay carriage fees. Disputes arose, and the Corporate Debtor terminated the agreements on 21.06.2017, citing declining viewership and TRAI regulations. The Operational Creditor claimed outstanding dues, while the Corporate Debtor argued a pre-existing dispute and filed a Broadcasting Petition before TDSAT on
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