Vrushvik Entertainment Private Limited Vs Filoura Big Broadcasting Private Limited (NCLT Mumbai)
NCLT Mumbai held that application under section 7 of the Insolvency and Bankruptcy Code, 2016 [IBC] filed by Vrushvik Entertainment Private Limited (Financial Creditor) for initiation of CIRP against Filoura Big Broadcasting Pvt. Ltd., (Corporate Debtor) admitted as debt and default proved.
Facts- This is an Application filed on 09.01.2025 by Vrushvik Entertainment Private Limited, the Applicant (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Application is signed by Mr. Govindan Ramaswamy Kaundar, Director and authorised signatory of the Applicant authorised vide Board Resolution dated 22.11.2024, for initiating Corporate Insolvency Resolution Process in respect of Filoura Big Broadcasting Pvt. Ltd., the Corporate Debtor (CD).
Conclusion- Held that the Applicant has placed on record necessary evidences and materials to demonstrate the existence of the financial debt. From the above discussions, it is evident that there exists a debt and default on the part of the CD in the payment of an undisputed financial debt to the Applicant exceeding Rs.1,00,00,000/-, being the threshold monetary limit under Section 4 of the Code prevailing on the date of filing of the present Application. Further, the Application is complete and there is no disciplinary proceeding pending against the proposed IRP. Thus, this Application under Section 7 of the Code preferred by the Applicant is found to be maintainable. In view of the above, we find that requisite conditions necessary to trigger CIRP in respect of the CD are fulfilled and the matter deserves to be admitted under Section 7 of the Code.
