Three Sixteen Films initiated a Corporate Insolvency Process against New Generation Media Corporation Pvt. Ltd. under Section 9 of the IBC, 2016. An order was passed on 2017-08-29, and a moratorium was declared. However, no Interim Resolution Professional (IRP) was proposed. The registry was directed to refer the matter to the IBBI for IRP recommendation. Subsequently, the parties filed a joint memo of compromise, indicating that the balance amount of Rs. 9 lakh had been paid by Demand Draft dated 2017-09-04. As a result, the court recalled the order dated 2017-08-29 and dismissed the petition as withdrawn.

Three Sixteen Films initiated a Corporate Insolvency Process against New Generation Media Corporation Pvt. Ltd. under Section 9 of the IBC, 2016. An order was passed on 2017-08-29, and a moratorium was declared. However, no Interim Resolution Professional (IRP) was proposed. The registry was directed to refer the matter to the IBBI for IRP recommendation. Subsequently, the parties filed a joint memo of compromise, indicating that the balance amount of Rs. 9 lakh had been paid by Demand Draft dated 2017-09-04. As a result, the court recalled the order dated 2017-08-29 and dismissed the petition as withdrawn.