The Mumbai bench of the National Company Law Tribunal (NCLT) has appointed Rohit Ramesh Mehra as an insolvency decision skilled.
This got here on a petition filed by IDBI Trusteeship Services Ltd, which had approached the tribunal after the corporate allegedly did not repay its dues of over Rs 174 crore.
“We are of the thought of view that for the reason that Registered workplace of the Corporate Debtor (Reliance Broadcast) is in Mumbai this Tribunal has territorial jurisdiction over the current material by advantage of Section 60(1) of the Code,” noticed the bench led by judicial member Kuldip Kumar Kareer and a technical member Anuradha Sanjay Bhatia in its order of February 24.
Before the tribunal admitted the petition, the corporate, by way of its counsel argued that this tribunal (Mumbai bench of NCLT) lacks jurisdiction, attributable to the truth that the events have conferred a nonexclusive jurisdiction to the Tribunals in New Delhi as regards any dispute in regards to the agreements pertaining to the petition.
Reliance Broadcast Network, by way of its counsel, additionally argued that there is no such thing as a crystallisation of the alleged debt.
“The petitioner (IDBI Trusteeship) has not offered any particulars of the declare of Rs. 174 crore…the alleged quantity in default is within the nature of damages and penal curiosity which is impermissible underneath the Code,” argued the corporate additional.While countering this, IDBI Trusteeship argued by way of its counsel that the debenture holder had issued a discover on July 14, 2021, to Reliance Capital to make funds, owed by the Reliance Broadcast Network.
Subsequently, the debenture holder once more issued a discover of authorized discover on November 15, 2021, to the corporate and its guarantor Reliance Capital to repay the excellent. However, the corporate neither replied to the authorized discover nor repaid the excellent dues, therefore the trustee approached the tribunal.
According to the corporate’s web site, Reliance Broadcast Network owned by BIG FM is the nation’s largest radio community with 58 stations and reaches out to over 1200 cities and over 50,000 villages.
