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The Mumbai bench of the Nationwide Firm Regulation Tribunal (NCLT) has appointed Rohit Ramesh Mehra as an insolvency decision skilled.
This got here on a petition filed by IDBI Trusteeship Companies Ltd, which had approached the tribunal after the corporate allegedly did not repay its dues of over Rs 174 crore.
“We’re of the thought-about view that because the Registered workplace of the Company Debtor (Reliance Broadcast) is in Mumbai this Tribunal has territorial jurisdiction over the current subject material by advantage of Part 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.
Earlier than the tribunal admitted the petition, the corporate, by means of its counsel argued that this tribunal (Mumbai bench of NCLT) lacks jurisdiction, on account of 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 Community, by means of its counsel, additionally argued that there is no such thing as a crystallisation of the alleged debt.
“The petitioner (IDBI Trusteeship) has not supplied 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 beneath the Code,” argued the corporate additional.Whereas countering this, IDBI Trusteeship argued by means 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 Community.
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. Nonetheless, the corporate neither replied to the authorized discover nor repaid the excellent dues, therefore the trustee approached the tribunal.
In keeping with the corporate’s web site, Reliance Broadcast Community 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.
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