In the meanwhile, another creditor sought to initiate proceedings to wind up MX Media in Singapore.
The creditor’s application to wind up the company was initially allowed by the Singapore High Court, although the winding up proceedings were later stayed by the same Court till June 20. The stay was passed to allow MX Player to explore whether it can sell its business.
While this was going on, Culver Max approached the Delhi High Court with apprehensions that it may not be able to secure the amount due from MX Media if all its assets are sold to a third party. In this regard, the production company filed a petition for interim relief under Section 9 of the Arbitration and Conciliation Act, 1996.
In response, MX Media’s counsel informed the High Court that while there may be a sale transaction in the works, he is not at liberty to disclose the confidential details of the same. A binding agreement may be entered into in the next two weeks, the Court was told.
Source: Barandbench
