M/s JHS Svendgaard Laboratories Limited, the Applicant/Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. HT Media Limited, the Respondent. The case revolves around an Advertising Agreement dated 25.01.2017, where the Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. The agreement's term was extended through written communications, but disputes arose regarding further extensions and the utilization of the security deposit. The Applicant claimed a total outstanding debt of Rs. 5,39,39,475/- and issued a demand notice, which the Respondent contested, citing pre-existing disputes
…M/s JHS Svendgaard Laboratories Limited (Applicant/Operational Creditor) and M/s. HT Media Limited (Respondent) entered into an Advertising Agreement dated 25.01.2017. The Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. The agreement was initially valid for 5 years, lapsing on 25.01.2022. Through written communications dated 21.11.2017, 21.06.2018, and 03.07.2018, the parties agreed to extend the agreement by a year, shifting the lapse date to 25.01.2023. 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 didn't utilize services from January 2019 to January
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M/s JHS Svendgaard Laboratories Limited, the Applicant/Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against M/s. HT Media Limited, the Respondent. The case revolves around an Advertising Agreement dated 25.01.2017, where the Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. The agreement's term was extended through written communications, but disputes arose regarding further extensions and the utilization of the security deposit. The Applicant claimed a total outstanding debt of Rs. 5,39,39,475/- and issued a demand notice, which the Respondent contested, citing pre-existing disputes
…M/s JHS Svendgaard Laboratories Limited (Applicant/Operational Creditor) and M/s. HT Media Limited (Respondent) entered into an Advertising Agreement dated 25.01.2017. The Applicant made a security deposit/advance payment of Rs. 8,00,00,000/- to the Respondent for advertisement services. The agreement was initially valid for 5 years, lapsing on 25.01.2022. Through written communications dated 21.11.2017, 21.06.2018, and 03.07.2018, the parties agreed to extend the agreement by a year, shifting the lapse date to 25.01.2023. 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 didn't utilize services from January 2019 to January
…The Operational Creditor…
The Operational…