2018 (6) TMI 1194

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....ct, 1956 having its registered office at 1121, 11th Floor, Hemkunt Chambers, 89, Nehru Place, New Delhi 110019 and is engaged in the business of inter alia providing Playout, Satellite bandwidth and Teleport (Uplinking) services under the license of the Ministry of Information and Broadcasting, Government of India, against Softline Media Ltd. ("Corporate Debtor"). It is submitted by the Operational Creditor that the Corporate Debtor had approached the Operational Creditor for availing the uplinking and bandwidth services for their T.V. channel namely "Shri News" by using the Operational Creditor's Teleport Satellite resources system along with Teleport/Hub. It is further submitted that accordingly, as per their mutual agreed understanding, ....

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....ment of the balance amount was pending, a statutory demand notice dated 27.06.2017 was issued by the Operational Creditor as required under the provisions of IBC, 2016 wherein the amount in default of Rs. 1,55,69,203/- was demanded and also called upon the Corporate Debtor to repay the unpaid operational debt or to demonstrate that the amount claimed as in default has been paid or in the alternative to provide for the existence of any dispute in relation to the unpaid operational debt, within ten days. The said notice was duly received by the Corporate Debtor on 29.06.2017 and the receipt of the same has been placed on record. 4. In view of lack of response by way of payment of the amount claimed in default or notice of dispute being issue....

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....ined to proceed with the matter in the absence of the Corporate Debtor. 7. In the circumstances mentioned above and since the Corporate Debtor despite repeated service has not appeared before this Tribunal and a default of debt due to the Operational Creditor is also in existence remaining unsatisfied as evident prima facie, this Tribunal is of the considered view that this petition requires to be admitted and that CIRP process is required to be initiated against the Corporate Debtor. 8. The Operational Creditor has proposed Shri Pramod Kumar Sharma, registered with ICSI-IPA having registration number IBBI/IPA-002/IP-N00110/2-17/18/10258, (email:[email protected], Mobile: 9412588432) as the interim resolution professional and a writte....

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....torium period. (3) The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The duration of the period of moratorium shall be as provided in Section 14(4) of IBC, 2016 and for ready reference reproduced as follows: (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium ....