# In the matter of Bhoomika Media lnitiative Pvt. Ltd. IA No. 257-JPR-2019 in CP No.  IB 58-9-JPR-2019

> NCLT judgment dated 2019-08-20. Citation: TCN-2019-NCLT-01910. The case involves Siti Networks Ltd. as the applicant/petitioner and Bhoomika Media Initiative…

- **Court:** NCLT
- **Order date:** 20 Aug 2019
- **Citation:** TCN-2019-NCLT-01910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhoomika-media-lnitiative-pvt-ltd-ia-no-257-jpr-2019-in-cp-no-ib-58-9-jpr-2019-1377cf57

## Summary

### Background

The case involves Siti Networks Ltd. as the applicant/petitioner and Bhoomika Media Initiative Pvt. Ltd. as the respondent. Siti Networks initiated a Corporate Insolvency Resolution Process (CIRP) against Bhoomika Media. The petition was admitted on 05.08.2019, and an Interim Resolution Professional (IRP) was appointed.

## Facts

Siti Networks Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Bhoomika Media Initiative Pvt. Ltd. under Section 9 of the IBC, 2016. The CIRP was admitted on 05.08.2019, and an Interim Resolution Professional (IRP) was appointed. Subsequently, Bhoomika Media paid the full claim amount to Siti Networks. As a result, Siti Networks filed IA No. 257/JPR/2019 seeking withdrawal of the CIRP. The court verified that all claims were settled and allowed the withdrawal, effectively terminating the CIRP.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process can be withdrawn after the respondent has paid …

**Ratio:** The legal principle applied is that if the operational creditor's claim is fully

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**Reasoning:** The court reasoned that since the respondent, Bhoomika Media Initiative Pvt. Ltd., had

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**Interpretation:** This interpretation aligns with the objective of the IBC, which is to resolve

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**Application:** In this case, the court applied the ratio by allowing the withdrawal of the

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## Parties

- **Judges:** POONDLA BHASKARA…; RAGHU N…; +1 more
- **Appellants:** Siti Networ…
- **Respondents:** Bhoomika Media…

## Timeline

- **2019-08-05 — CIRP Admi…**: The Company Petition was…
- **2019-08-20 — Order Del…**: Order delivered on…

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