In a Petition filed by Sony under Section 9 of the Arbitration and Conciliation Act, 1996 seeking interim measures of protection for preservation of the outstanding amount owed to it by MX Media & Entertainment Pte Ltd. (Singapore) and its other group entities, the Delhi High Court vide its order dated 27.05.2024 directed MX Media to preserve the amount of Rs. 31.25 Crores from the sale proceeds. The present petition has been filed by Sony against MX Media & Entertainment Pte Ltd. (Singapore), MXP Media India Ltd. and MX Media Co. Ltd. (BVI) (United Kingdom).
The Delhi Court on 27.05.2024 has passed directions to the effect that if any sale of assets of MX Media & Entertainment Pte Ltd. (Singapore) is undertaken, an amount of Rs. 31.25 Crores payable to Sony is to be preserved from the sale proceeds of its assets. It 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 said winding up is presently stayed till 20.06.2024 by the Singapore High Court on the basis of an application filed by MXP Media India Ltd. and MX Media Co. Ltd. (BVI) seeking 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.
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