The case involves a company petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016. Pioneer Channel Factory Private Limited, the Corporate Applicant, sought to initiate its own Corporate Insolvency Resolution Process (CIRP) due to defaults in repayment of debt to financial creditors. The company's operations were impacted by the non-renewal of licenses for uplinking and downlinking TV channels, leading to financial difficulties.
Pioneer Channel Factory Private Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 18.08.1994 under the Companies Act, 1956. The company's registered office is located in Mumbai. The company entered into a Broadcast Airtime Purchase Agreement (BAPADA) with Entertainment Television Network Private Limited and Lamhas Entertainment Ltd. The Ministry of Information and Broadcasting had issued licenses to Entertainment Television Network Private Limited for 10 years and 5 years, respectively. The non-renewal of these licenses rendered the company's operations non-functional. The company has outstanding dues to financial
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The Corporate Applicant…
Shareholders passed a Special Resolution for…
The case involves a company petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016. Pioneer Channel Factory Private Limited, the Corporate Applicant, sought to initiate its own Corporate Insolvency Resolution Process (CIRP) due to defaults in repayment of debt to financial creditors. The company's operations were impacted by the non-renewal of licenses for uplinking and downlinking TV channels, leading to financial difficulties.
Pioneer Channel Factory Private Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 18.08.1994 under the Companies Act, 1956. The company's registered office is located in Mumbai. The company entered into a Broadcast Airtime Purchase Agreement (BAPADA) with Entertainment Television Network Private Limited and Lamhas Entertainment Ltd. The Ministry of Information and Broadcasting had issued licenses to Entertainment Television Network Private Limited for 10 years and 5 years, respectively. The non-renewal of these licenses rendered the company's operations non-functional. The company has outstanding dues to financial
…The Corporate Applicant…
Shareholders passed a Special Resolution for…