# In the matter of Vishwakshara Media Pvt. Ltd. I.A. Nos. 296, 311 of 2022 & 31 of 2022 in CP(IB) No. 327-BB-2019

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04145. The case involves an application filed by M/s. Manipal Media Network Limited under Section 9 of…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vishwakshara-media-pvt-ltd-ia-nos-296-311-of-2022-31-of-2022-in-cpib-no-327-bb-2-5b383e46

## Summary

### Background

The case involves an application filed by M/s. Manipal Media Network Limited under Section 9 of the I&B Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Vishwakshara Media Private Limited. The Adjudicating Authority admitted the application on 17.08.2021, and appointed Sri Addanki Haresh as the Interim Resolution Professional (IRP). An appeal was filed by Sri Vishweswara Bhat before the NCLAT, which granted a stay on the proceedings. Subsequently, a settlement was reached between the parties.

## Facts

M/s. Manipal Media Network Limited filed CP(IB) No.327/BB/2019 under Section 9 of the I&B Code, 2016, to initiate CIRP against M/s. Vishwakshara Media Private Limited. The Adjudicating Authority admitted the petition on 17.08.2021 and appointed Mr. Addanki Haresh as the IRP. Sri Vishweswara Bhat, a suspended director, appealed the order. The NCLAT granted a stay on the proceedings but later noted a settlement between the parties. Consequently, IAs were filed by the Applicant/Operational Creditor and the IRP seeking withdrawal of the CP based on a settlement dated 06.08.2021. No Committee of Creditors (CoC) was formed. The IRP also filed a memo in pursuance of the NCLAT order. The key fact is the settlement reached between the parties, leading to the withdrawal of

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Vishwakshara …

**Ratio:** The principle is that if a settlement is reached between the parties after the initiation

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**Reasoning:** The court considered the settlement reached between the parties on 06.08.2021, the

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**Interpretation:** This interprets the provisions of the I&B Code to allow for the withdrawal

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**Application:** In this case, the settlement reached between M/s. Manipal Media Network Limited

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Vishweswar…
- **Respondents:** M/s. Vishwakshara…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No.327/BB/2019 filed by M/s. Manipal Media Network Limited against M/s.…
- **2021-08-17 — CP Admit…**: The Adjudicating Authority admitted the CP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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