# In the matter of HT Media Limited (IB)-400(ND)2022

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05217. M/s JHS Svendgaard Laboratories Limited, the Applicant/Operational Creditor, filed a petition…

- **Court:** NCLT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLT-05217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ht-media-limited-ib-400nd2022-aa0911ec

## Summary

### Background

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

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## Facts

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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## Issues and analysis

### Issue 1: Whether a pre-existing dispute existed between the parties regarding the tenure and extension of …

**Ratio:** The legal principle applied is that if a genuine dispute exists between the parties, the

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**Reasoning:** The court reasoned that the email communications between the parties revealed a

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**Interpretation:** The interpretation of the legal issue involves determining whether the

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**Application:** The court applied the ratio and reasoning to the specific facts of the case by

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. L. N.…
- **Appellants:** JHS Svendgaard…
- **Respondents:** HT Media L…

## Timeline

- **2017-01-25 — Advertisement…**: The Operational Creditor and Corporate Debtor…
- **2017-11-15 — First Request for…**: The Operational Creditor sought an extension…

## 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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