Delhi High Court Directs MX Player To Reserve Rs 31 Cr In Dispute With SONY Over Unpaid Dues
In a petition filed by Sony under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim protective
Delhi High Court Directs MX Player To Reserve Rs 31 Cr In Dispute With SONY Over Unpaid Dues
In a petition filed by Sony under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim protective measures for the preservation of the outstanding amount owed to it by MX Media & Entertainment Pte Ltd. (Singapore) and its affiliated entities, the Delhi High Court, through its order dated 27th May 2024, directed MX Media to preserve the sum of ₹ 31.25 Crores from the proceeds of sale.
Sony has filed the current petition against MX Media & Entertainment Pte Ltd. (Singapore), MXP Media India Ltd., and MX Media Co. Ltd. (BVI) (United Kingdom).
On May 27, 2024, the Delhi Court issued directions stipulating that in the event of any sale of assets by MX Media & Entertainment Pte Ltd. (Singapore), an amount of ₹ 31.25 Crores owed to Sony must be preserved from the proceeds of such sale.
The court also directed that on conclusion of the transaction for sale of assets, Sony is to be informed through its counsels.
MX Media & Entertainment Pte Ltd., a Company registered under the laws of Singapore is undergoing compulsory liquidation/winding up before the High Court of Singapore and a winding up order has been passed in the said proceeding.
However, the ongoing winding-up proceedings are currently stayed until June 20, 2024, by the Singapore High Court. This stay follows an application filed by MXP Media India Ltd. and MX Media Co. Ltd. (BVI) seeking the termination of the winding-up order.
Sony (Culver Max) was represented by Mr. Gaurav Pachnanda, Sr Adv along with a team from Karanjawala & Co. including Ms. Ruby Singh Ahuja, Mr. Vishal Gehrana, Mr. Ishan Gaur, Ms. Simranjeet, Ms. Megha Dugar.