The case involves a petition filed by Netizen Engineering Pvt. Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Media Works Limited (Corporate Debtor). The Financial Creditor had extended loans to the Corporate Debtor, and a default occurred when the Corporate Debtor failed to adhere to a one-time settlement (OTS) agreement.
Netizen Engineering Pvt. Ltd (formerly Reliance Infocomm Engineering Private Limited) extended loans up to Rs 1,50,00,00,000 to Reliance Media Works Limited through an agreement dated May 23, 2011. The loan was to be repaid within two years with a 10.50% annual interest rate. Rs 1,00,00,00,000 was disbursed on May 23, 2011, at 10.5% interest, and Rs 20,00,00,000 on December 30, 2011, at 12% interest. On March 31, 2012, Reliance Media Works Limited allotted preference shares worth Rs 120 crores against the principal. However, they failed to pay Rs 5,46,73,145 in interest due on the same date. Netizen Engineering Private Limited issued a demand letter on January 2, 2024, for Rs 12,36,39,947, including outstanding dues and accrued interest. Reliance Media Works Limited
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Financial Creditor and Corporate Debtor entered…
Rs. 1,00,00,00,000/-…
The case involves a petition filed by Netizen Engineering Pvt. Ltd (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Reliance Media Works Limited (Corporate Debtor). The Financial Creditor had extended loans to the Corporate Debtor, and a default occurred when the Corporate Debtor failed to adhere to a one-time settlement (OTS) agreement.
Netizen Engineering Pvt. Ltd (formerly Reliance Infocomm Engineering Private Limited) extended loans up to Rs 1,50,00,00,000 to Reliance Media Works Limited through an agreement dated May 23, 2011. The loan was to be repaid within two years with a 10.50% annual interest rate. Rs 1,00,00,00,000 was disbursed on May 23, 2011, at 10.5% interest, and Rs 20,00,00,000 on December 30, 2011, at 12% interest. On March 31, 2012, Reliance Media Works Limited allotted preference shares worth Rs 120 crores against the principal. However, they failed to pay Rs 5,46,73,145 in interest due on the same date. Netizen Engineering Private Limited issued a demand letter on January 2, 2024, for Rs 12,36,39,947, including outstanding dues and accrued interest. Reliance Media Works Limited
…Financial Creditor and Corporate Debtor entered…
Rs. 1,00,00,00,000/-…