- (1.) The Court : These petitions were admitted by orders of May 16, 2014 and June 3, 2014, respectively. Both petitions were admitted for the principal sums of Rs.60 lakh together with interest at the rate of 8% per annum from the dates of issuance of the statutory notices.
(2.) In CP No. 197 of 2014, the company was afforded an opportunity to pay off the admitted debt in ten equal monthly instalments, beginning May 30, 2014. In CP No. 198 of 2014, the company was given a chance to pay off the admitted amount in 15 equal monthly instalments, beginning June 24, 2014.
(3.) It is not in dispute that no payment has been made in either case after the order of admission. The company has filed an affidavit at the postadvertisement stage in CP No. 198 of 2014 where the company has referred to its present financial crunch being due to the closure of a television channel with which the company was associated. The company says that a sum of Rs.2.5 crore remains due and owing from the owners of Mahua channel and the company has instituted proceedings for winding-up in respect of the concerned company in the Delhi High Court. The company says that money due to the company for the telecast of another serial has been wrongfully withheld by Sananda TV and the company is pursuing such claim.;