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Asianet Network Pvt. Ltd. And Ors v. Kannada Prabha Publications Ltd. And Ors

Asianet Network Pvt. Ltd. And Ors v. Kannada Prabha Publications Ltd. And Ors

(National Company Law Tribunal, Bengaluru)

CP 65/15, TP 78/16, CA 1/15 and IA 148/18 | 17-07-2019

1. Heard Shri Manu Kulkarni along with Shri Archisman Chaudhary, Ms. Shristi Widge, learned Counsels for the Petitioner and Shri Adith Jahgirdar, learned Counsel for the Respondent No. 1 and Shri D. Vivekanandan, learned Counsel for the Respondent No. 2 to 4.

2. Learned Counsel for the Respondent No. 1 has filed an affidavit dated 20.06.2019, by inter alia seeking to permit the Petitioner No. 1 Company to infuse a sum of Rs. 3,00,00,000/- (Rupees Three Crores only) immediately into KPPL as unsecured loans as ordered by the Tribunal 30.01.2018.

3. Shri Manu Kulkarni, learned Counsel for the Petitioner has not opposed for infusing the said amount of Rs. 3 Crores subject to the condition that the statement of accounts for the infused amount may be submitted.

4. We have carefully considered the pleadings of both the parties. The Respondent No. 1 has filed an Affidavit, by inter alia seeking permission to infuse funds by the Petitioner No. 1 without prejudice to the Respondents No. 2 to 4. Therefore, permission is granted to Petitioner No. 1 to infuse funds to the sum of Rs. 3 Crores. It is also made clear that the amount to be infused into the Respondent No. 1 Company by the Petitioner is treated as unsecured loan. The Respondent No. 1 Company is directed to file the statement of accounts in respect of Rs. 3 Crores, the amount infused by the Petitioner No. 1.

5. Post the case on 08.08.2019.

Advocate List
  • For Petitioner : Poovayya
  • Co.
  • For Respondent : Rajkishan
Bench
  • Rajeswara Rao Vittanala, Member (J)
  • Dr. Ashok Kumar Mishra, Member (T)
Eq Citations
  • LQ/NCLT/2019/732
Head Note

Debt, Financial and Monetary Laws — Insolvency and Bankruptcy Code, 2016, Ss. 10, 11, 14, 15 and 16