TL071: LTC (Linear timecode): How to extract the LTC signal separately from the audio interface(Balanced XLR)?

US5200980 (now expired) describes bi-phase data recovery as:

Analog clock recovery energizes a tank circuit on all falling edges of the inbound transmission. The tank circuit is precision tuned to a frequency 8 times that of the transmitter, thus the transmission clock is recovered in “real time' and the inbound data can be synchronized to this clock. This system works satisfactorily except phase distortion can cause the recovered data to have skewed bit cells and the circuit presents an invariable impedance which itself contributes to distortion.

It's also possible that the TL071 is used as a comparator, and that the actual processing is done digitally.