This case involves an application filed by Siti Networks Ltd., the Appellant, seeking to withdraw Appeal No. 597 of 2016 and to withdraw an amount of Rs. 20,00,000 deposited in court pursuant to an interim order. Siti Networks is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appeal arose from a suit (Suit No. 2295 of 2002) disposed of in 2016, directing the Appellant to pay Rs. 15,00,000 to the Respondent, Rajiv Suri. The Appellant deposited Rs. 20,00,000 in court and provided a bank guarantee. Disputes arose regarding the bank guarantee, leading to a Special Leave Petition before the Supreme Court. Subsequently, CIRP was initiated against Siti Networks, and the Resolution Professional sought to
…Siti Networks Ltd. (formerly Siticable Network Ltd.) was directed to pay Rajiv Suri Rs. 15,00,000 as damages in Suit No. 2295 of 2002. Siti Networks filed Appeal No. 597 of 2016 challenging this judgment. As an interim measure, Siti Networks deposited Rs. 20,00,000 in cash with the court on April 2, 2016, and provided a bank guarantee for the balance. Disputes arose regarding the bank guarantee, leading to a Special Leave Petition No. 807 of 2020 before the Supreme Court. Indusind Bank invoked the provisions of the IBC against Siti Networks, leading to the initiation of CIRP on February 22, 2023, by the NCLT. A moratorium was imposed under Section 14 of the IBC. Shilpi Asthana, a director of Siti Networks, challenged the CIRP before the NCLAT, which initially stayed
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Suit No. 2295…
Suit No. 2295 of 2002 was disposed of,…
This case involves an application filed by Siti Networks Ltd., the Appellant, seeking to withdraw Appeal No. 597 of 2016 and to withdraw an amount of Rs. 20,00,000 deposited in court pursuant to an interim order. Siti Networks is undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The appeal arose from a suit (Suit No. 2295 of 2002) disposed of in 2016, directing the Appellant to pay Rs. 15,00,000 to the Respondent, Rajiv Suri. The Appellant deposited Rs. 20,00,000 in court and provided a bank guarantee. Disputes arose regarding the bank guarantee, leading to a Special Leave Petition before the Supreme Court. Subsequently, CIRP was initiated against Siti Networks, and the Resolution Professional sought to
…Siti Networks Ltd. (formerly Siticable Network Ltd.) was directed to pay Rajiv Suri Rs. 15,00,000 as damages in Suit No. 2295 of 2002. Siti Networks filed Appeal No. 597 of 2016 challenging this judgment. As an interim measure, Siti Networks deposited Rs. 20,00,000 in cash with the court on April 2, 2016, and provided a bank guarantee for the balance. Disputes arose regarding the bank guarantee, leading to a Special Leave Petition No. 807 of 2020 before the Supreme Court. Indusind Bank invoked the provisions of the IBC against Siti Networks, leading to the initiation of CIRP on February 22, 2023, by the NCLT. A moratorium was imposed under Section 14 of the IBC. Shilpi Asthana, a director of Siti Networks, challenged the CIRP before the NCLAT, which initially stayed
…Suit No. 2295…
Suit No. 2295 of 2002 was disposed of,…