Sony Sues MX Player Over Unpaid Dues
Delhi High Court issues an order directing MX Media to set aside Rs 31.25 crores from any sale proceeds
In a petition filed by Sony under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim protective measures to preserve the outstanding amount owed by MX Media and its associated entities, the Delhi High Court issued an order on 27 May 2024, directing MX Media to set aside Rs 31.25 crores from any sale proceeds. The petition by Sony targets MX Media and Entertainment, MXP Media India and MX Media Co.
The Delhi High Court's order stipulates that if MX Media and Entertainment undertakes any asset sales, Rs 31.25 crores payable to Sony must be preserved from the sale proceeds. Additionally, Sony is to be notified through its legal counsel upon the completion of the asset sale transaction.
MX Media and Entertainment, a company registered in Singapore, is currently undergoing compulsory liquidation under the High Court of Singapore, which issued a winding-up order. However, this winding-up process is temporarily stayed until 20 June 2024, following an application by MXP Media India and MX Media Co. (BVI) seeking to terminate the winding-up order.
Sony (Culver Max) was represented by Senior Advocate Gaurav Pachnanda, along with a legal team from Karanjawala and Co., including Ruby Singh Ahuja, Vishal Gehrana, Ishan Gaur, Simranjeet and Megha Dugar.
