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Sony files lawsuit against MX Player for unpaid dues of over Rs 31 crore
The Delhi High Court has directed MX Media to keep aside Rs 31.25 crore from its sale of assets to settle the outstanding amount owed to Sony.
Culver Max Entertainment (previously known as Sony Pictures) has lodged a petition against MX Media & Entertainment (Singapore), MXP Media India, and MX Media Co. (BVI) (United Kingdom) at the Delhi High Court regarding unpaid dues amounting to Rs 31 crore stemming from a 2021 contract, as reported by Business Today.
In response to the petition filed by Sony under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim protective measures to safeguard the outstanding dues owed by MX Media & Entertainment (Singapore) and its affiliated entities, the Delhi High Court has ruled that MX Media must allocate Rs 31.25 crore from its asset sales to settle the dues owed to Sony.
On May 27, the court issued directives stipulating that in the event of any asset sale by MX Media & Entertainment (Singapore), an amount of Rs 31.25 crore owed to Sony must be reserved from the proceeds. Additionally, it mandated that Sony be notified through its legal representatives upon the conclusion of the asset sale transaction.
MX Media & Entertainment, incorporated under Singaporean law, is currently undergoing compulsory liquidation or winding-up proceedings before the High Court of Singapore, with a winding-up order issued in the aforementioned proceedings.