Viswaroopa Info Services India Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against SITI Visions Digital Media Private Limited, the corporate debtor. The application was initially reserved but later de-reserved due to incompleteness. The applicant provides optical fiber cable network services, while the respondent operates a cable television network. Agreements were in place for the respondent to use the applicant's infrastructure for a monthly fee. The applicant claimed default in payments, leading to the application for CIRP.
Viswaroopa Info Services India Private Limited (operational creditor) filed an application under Section 9 of the IBC against SITI Visions Digital Media Private Limited (corporate debtor) for unpaid operational debt. The operational creditor provides optical fiber cable services, and the corporate debtor operates a cable television network. They had agreements for the corporate debtor to use the operational creditor's infrastructure for a monthly fee. The operational creditor claimed a default of Rs. 2,78,50,347 as of May 31, 2020, including principal and interest. The corporate debtor argued that the applicant and respondent were related parties because Ms. M. Sujatha, a director of the operational creditor, is the wife of the Managing Director of the corporate
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Application was previously heard and…
The matter was de-reserved vide order dated…
Viswaroopa Info Services India Private Limited, the operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against SITI Visions Digital Media Private Limited, the corporate debtor. The application was initially reserved but later de-reserved due to incompleteness. The applicant provides optical fiber cable network services, while the respondent operates a cable television network. Agreements were in place for the respondent to use the applicant's infrastructure for a monthly fee. The applicant claimed default in payments, leading to the application for CIRP.
Viswaroopa Info Services India Private Limited (operational creditor) filed an application under Section 9 of the IBC against SITI Visions Digital Media Private Limited (corporate debtor) for unpaid operational debt. The operational creditor provides optical fiber cable services, and the corporate debtor operates a cable television network. They had agreements for the corporate debtor to use the operational creditor's infrastructure for a monthly fee. The operational creditor claimed a default of Rs. 2,78,50,347 as of May 31, 2020, including principal and interest. The corporate debtor argued that the applicant and respondent were related parties because Ms. M. Sujatha, a director of the operational creditor, is the wife of the Managing Director of the corporate
…Application was previously heard and…
The matter was de-reserved vide order dated…