# In the matter of Visionary Business Administration Private Limited C.P (IB) No.1158-KB-2018

> NCLT judgment dated 2022-02-16. Citation: TCN-2022-NCLT-04111. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 16 Feb 2022
- **Citation:** TCN-2022-NCLT-04111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/visionary-business-administration-private-limited-cp-ib-no1158-kb-2018-02dcfb0f

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by SITI Networks Limited (Operational Creditor) against Visionary Business Administration Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor is engaged in the business of distributing television signals, while the Corporate Debtor owns satellite television channels. In 2015, the Corporate Debtor approached the Operational Creditor to ensure high visibility of its channels on the Operational Creditor's platform. An agreement was executed on February 23, 2015, regarding rates, effective from February 1, 2016, to January 31, 2016. The Operational Creditor performed its obligations, but the Corporate

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## Facts

SITI Networks Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Visionary Business Administration Private Limited (Corporate Debtor). The Operational Creditor provides distribution services for television signals, while the Corporate Debtor owns satellite television channels. In 2015, the Corporate Debtor sought the Operational Creditor's services to enhance the visibility of its channels. An agreement was executed on February 23, 2015, effective from February 1, 2016, to January 31, 2016, outlining the rates for these services. The Operational Creditor fulfilled its obligations, raising invoices totaling Rs. 10,86,528/-. However, the Corporate Debtor only paid Rs. 4,49,440/-, leaving a balance of

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## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the Insolvency and …

**Ratio:** Section 9 of the Insolvency and Bankruptcy Code, 2016 allows an operational creditor to

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**Reasoning:** The court found that the Operational Creditor had provided sufficient evidence, including

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**Interpretation:** Section 9 provides a mechanism for operational creditors to recover outstanding

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**Application:** The court applied Section 9 to the facts of the case, finding that the

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Siti Networks…
- **Respondents:** Visionary…
- **Advocates:** Pooja Jew…; Rahul P…

## Timeline

- **2015-02-23 — Agreement Ex…**: An agreement was executed between SITI Networks Limited and Visionary Business…
- **2016-02-01 — Agreement Effec…**: The agreement between SITI Networks Limited and Visionary Business Administration Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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