SITI NETWORKS Vs. RAJIV SURI

JUDGEMENT

(1.) This is an Application filed by the Appellant not only seeking to withdraw Appeal No. 597 of 2016 but also seeking permission to withdraw the amount of Rs.20,00,000.00 that had been deposited in this Court pursuant to an interim order, along with accrued earnings thereon. For the reasons set out in this judgement, we have allowed such withdrawal of the Appeal, and of the deposited amounts along with earnings.

(2.) The Applicant-Appellant is a "corporate debtor"(Defined in Sec. 3(8) of the IBC as a corporate person who owes a debt to any person) undergoing a Corporate Insolvency Resolution Process (" CIRP") under the Insolvency and Bankruptcy Code, 2016 ("IBC") since February 22, 2023. This Application has been filed at the behest of the Resolution Professional who is now in charge of running the affairs of the Applicant-Appellant under the oversight of the Committee of Creditors appointed under the IBC.

(3.) A quick overview of the following facts underlying the Appeal would be in order:-