Siti Networks Ltd vs Rajiv Suri

ik-178380699 Bombay High Court 13 November 2024 • 41 min read

Judges (2)

B.P. Colabawalla Delivered Somasekhar Sundaresan Coram

Counsel (8)

Auris Legal Firm Ajit Anekar Counsel Respondent Ishaan Wakhloo Counsel Applicant Mitesh Shah Counsel Applicant Nishant Sogani Counsel Applicant Rohan Gajaria Counsel Applicant Saurabh Bachhawat Counsel Applicant Siddhant Sawhrey Counsel Respondent

Parties (2)

Siti Networks Ltd. Applicant Rajiv Suri Respondent

Case Significance

Siti Networks Ltd vs Rajiv Suri is a Bombay High Court decision dated November 13, 2024 (citation: ik-178380699). Siti Networks (formerly Siticable Network Ltd.), through its Resolution Professional under the IBC, sought to withdraw a pending appeal against a judgment decree in a suit, and to withdraw amounts deposited in court. The court held that the IBC moratorium under Section 14 applied to the pending appeal proceedings as the company was undergoing CIRP, and the judgment creditor's substantive rights would be subject to IBC provisions. The appeal was disposed of as withdrawn, with court deposits an The bench comprised Justices B.P. Colabawalla and Somasekhar Sundaresan. The judgment was delivered by Justice B.P. Colabawalla.

Summary

Siti Networks (formerly Siticable Network Ltd.), through its Resolution Professional under the IBC, sought to withdraw a pending appeal against a judgment decree in a suit, and to withdraw amounts deposited in court. The court held that the IBC moratorium under Section 14 applied to the pending appeal proceedings as the company was undergoing CIRP, and the judgment creditor's substantive rights would be subject to IBC provisions. The appeal was disposed of as withdrawn, with court deposits and earnings to be released to the company within two weeks.

What was the outcome of Siti Networks Ltd vs Rajiv Suri?

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-178380699)