M/s JHS Svendgaard Laboratories Limited, the Applicant/Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. HT Media Limited, the Respondent. The case revolves around an Advertising Agreement between the parties, where the Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. Disputes arose regarding the extension of the agreement's term and the utilization of the security deposit.
M/s JHS Svendgaard Laboratories Limited (Applicant/Operational Creditor) and M/s HT Media Limited (Respondent) entered into an Advertising Agreement on 25.01.2017. The Applicant deposited Rs. 8,00,00,000/- as a security deposit for advertisement services to be provided by the Respondent. The original term of the agreement was for five years, lapsing on 25.01.2022. The Applicant utilized the Respondent's advertisement services from January 2017 to January 2019, adjusting Rs. 2,61,11,134/- from the security deposit. Due to the Covid-19 pandemic, the Applicant did not utilize the services from January 2019 to January 2022. The Applicant requested an extension of the agreement's term, which the Respondent initially granted twice, extending the first sub-term by a total of
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The Operational Creditor (OC) and Corporate…
The OC sought an extension of the period for the…
M/s JHS Svendgaard Laboratories Limited, the Applicant/Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. HT Media Limited, the Respondent. The case revolves around an Advertising Agreement between the parties, where the Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. Disputes arose regarding the extension of the agreement's term and the utilization of the security deposit.
M/s JHS Svendgaard Laboratories Limited (Applicant/Operational Creditor) and M/s HT Media Limited (Respondent) entered into an Advertising Agreement on 25.01.2017. The Applicant deposited Rs. 8,00,00,000/- as a security deposit for advertisement services to be provided by the Respondent. The original term of the agreement was for five years, lapsing on 25.01.2022. The Applicant utilized the Respondent's advertisement services from January 2017 to January 2019, adjusting Rs. 2,61,11,134/- from the security deposit. Due to the Covid-19 pandemic, the Applicant did not utilize the services from January 2019 to January 2022. The Applicant requested an extension of the agreement's term, which the Respondent initially granted twice, extending the first sub-term by a total of
…The Operational Creditor (OC) and Corporate…
The OC sought an extension of the period for the…