Aidem Ventures Pvt. Ltd Vs Skyline Radio Network Ltd. (NCLAT Delhi)
The appeals arose from a common judgment dated 13.02.2026 passed by the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, whereby three petitions filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) were rejected. The petitions had originated as winding-up proceedings filed before the Delhi High Court under Sections 433, 434 and 439 of the Companies Act, 1956.
The appellant had entered into agreements dated 22.04.2010 with three companies, under which it was appointed as the exclusive representative for selling advertising options for television channels. Under the agreements, the appellant was entitled to commissions at specified rates upon achieving certain thresholds. The commission was payable within seven days of collections made by the appellant and remitted to the corporate debtors.
According to the appellant, despite procuring business and remitting collections, certain commission amounts remained unpaid. The outstanding sums claimed were Rs. 43,71,768/-, Rs. 8,69,345/-, and Rs. 23,08,627/-. Consequently, in 2013, winding-up petitions were filed before the Delhi High Court seeking relief for the alleged non-payment.
Subsequently, the Insolvency and Bankruptcy Code, 2016 came into force. Under the Code, matters concerning insolvency resolution and liquidation of corporate persons were to be adjudicated by the NCLT. The Delhi High Court transferred the pending winding-up proceedings to the NCLT on 19.10.2023. Pursuant to directions of the NCLT, the appellant filed the requisite Form 5 under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
