Den Networks Ltd vs 9x Media Pvt Ltd

Counsel appearing for the petitioner submitted that this petition has been preferred for recovery of the amount at Rs. 1,07,76,601/-. This amount was due and payable on 14.12.2021.

Counsel appearing for the petitioner further submitted that demand notice was also given by the petitioner to the respondent on 16.12.2021 (Annexure P-7 to the memo of this petition).

It is further submitted by the counsel for the petitioner that no reply was given by the respondent on this demand notice issued by the petitioner.

It is further submitted by the counsel for the petitioner that for the recovery of the aforesaid amount the present Broadcasting Petition has been preferred and the notice was also issued by this Tribunal to the respondent. But the counsel for the respondent has not yet filed any reply. Hence, it is submitted by the counsel for the petitioner that let aforesaid amount be deposited by the respondent before this Tribunal.

It is also further submitted by the counsel for the petitioner that there are chances that the respondent may go for insolvency under the Insolvency and Bankruptcy Code and, therefore, let the amount be secured and be deposited with this Tribunal.

Counsel appearing for the respondent submitted that respondent entity is a viable company and is not going into liquidation.

It is submitted by the counsel for the respondent that some time may kindly be granted for filing reply. It is further submitted by the counsel for the respondent that the respondent is disputing the amount claimed by the petitioner.

Having heard the counsels for both the sides and looking to the facts and circumstances of the case, we hereby direct the respondent to deposit Rs. 1.10 crore before the Registrar of this Tribunal on or before 22.7.2022, especially in light of Annexure P-7 to the memo of this petition and also taking into account that no reply of this demand notice was given by the respondent. Moreover, counsel for the petitioner has also placed reliance upon the draft settlement given through email by the respondent to the petitioner, which is also annexed at Annexure P-5. In light of the said Annexure, it was argued by counsel for the petitioner that the amount claimed by the petitioner has been accepted but the respondent has shown their inability to make the payment in time.

Counsel for the petitioner submitted that the aforesaid amount is due and payable with interest @10% p.a.

In view of this, we hereby direct the respondent to deposit Rs. 1.10 crore before the Registrar of this Tribunal on or before 22.7.2022 by way of Bank Draft. This amount shall be accepted by the Registrar of this Tribunal  and be deposited in a Nationalized Bank in a fixed deposit initially for a period of 12 months.

The deposition of the aforesaid amount shall not tantamount to any admission of facts by the respondent. The amount deposited by the respondent shall be adjusted towards the liability of the respondent, if any. The aforesaid amount shall be finalised by this Tribunal at the time of final hearing of the present Broadcasting Petition. If there is no liability of the respondent, the amount deposited by the respondent shall be returned along with interest to the respondent.

We direct Mr. Bhupendra Arjun Makhi, who is one of the Director of the respondent company, to personally remain present before this tribunal on the next date of hearing at 11.00 AM if the aforesaid amount is not deposited on or before 22.07.2022.

If the aforesaid amount is already deposited by the respondent before the Registrar of this Tribunal, there is no need for the aforesaid Director of the respondent company to remain present before this Tribunal on the next date of hearing.

This matter is, therefore, adjourned to 29.7.2022.