Pioneer Channel Factory, a Mumbai-based company, has filed for the initiation of its Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT), Mumbai Bench, has admitted the petition and ordered the commencement of the CIRP.
Background of the case
Pioneer Channel Factory Private Limited, incorporated in 1994, was engaged in the business of broadcasting through agreements with Entertainment Television Network Private Limited and Lambas Entertainment Ltd. These companies held the broadcast airtime distribution rights for satellite music channels MTunes and Music Xpress. However, the non-renewal of uplinking and downlinking…
