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Judgment
Withdrawal Memo is taken up today.
On 24.12.2019, withdrawal memo was filed by the Corporate Debtor. The Tribunal wanted the withdrawal memo to be filed by the Operational
Creditor. Therefore, withdrawal memo was filed by Operational Creditor on 27.12.2019.
At the request of the Counsel for Operational Creditor, matter is listed today.
The withdrawal memo filed on 27.12.2019 is signed by one Mr. Madhusudhan Rao Madikonda, Director. We have gone through the minutes of the
Board of Directors. The withdrawal memo is in order. Petition is not yet admitted. Therefore, permission can be granted to the Operational Creditor to
withdraw the petition under Rule 8 of IBBI (AAA) Rules, 2016. Memo is recorded. Permission is granted. Petition is dismissed as withdrawn vide
separate orders.
Memo dated 27.12.2019 is filed by the Operational Creditor/ M/s. Sowbhagya Media Limited stating that they decided to withdraw the case in their
Board Meeting held on 20th December, 2019 against the Corporate Debtor/M/s. Siri Media Private Limited.
We perused the Memo filed by Operational Creditor. The withdrawal memo filed on 27.12.2019 is signed by one Mr. Madhusudhan Rao
Madikonda, Director. We have gone through the Minutes of the Board of Directors. The withdrawal memo is in order. Petition is not yet admitted.
Therefore, permission can be granted to the Operational Creditor to withdraw the petition under Rule 8 of IBBI (AAA) Rules, 2016. Memo is
recorded. Permission is granted. Petition is dismissed as withdrawn.
Main Petition CP (IB) 591/9/HDB/2018 is therefore, dismissed as withdrawn.
Since Main Petition No. CP (IB) 591/9/HDB/2018 is dismissed as withdrawn, IA Nos. 855/2019 and IA No. 856/2019 are also dismissed as
infructuous.
The instant Interlocutory Application IA No. 856/2019 is filed by the Corporate Debtor/M/s. Siri Media Private Limited under Section 60(5) of
Insolvency & Bankruptcy Code, 2016 praying the Tribunal to pass suitable Orders directing the Corporate Debtor company to implement the strict
compliance of the regulations for conducting the EGM, in accordance with the provisions of the Companies Act, 2013 to protect the interest in the
Operational Creditor Company and also to protect the Operational Creditor rights in pursuance of the provisions of the Companies Act, 2013.
The Main Company Petition CP (IB) 591/9/HDB/2018 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 is dismissed as
withdrawn as the Operational Creditor/M/s. Sowbhagya Media Limited has decided to withdraw the case in their Board Meeting held on
20th December, 2019 against the Corporate Debtor/M/s. Siri Media Private Limited.
Main Company Petition CP (IB) 591/9/HDB/2018 is therefore, dismissed as withdrawn.
Since Main Petition CP (IB) 591/9/HDB/2018 is dismissed as withdrawn, IA No. 856/2019 becomes infructuous and accordingly dismissed as
infructuous.
The instant Interlocutory Application IA No. 855/2019 is filed by the Corporate Debtor/M/s. Siri Media Private Limited under Section 60(5) of
Insolvency & Bankruptcy Code, 2016 praying the Tribunal to accept and take on record the submitted Additional Information, which is having very
much relevant and factual information which was extracted after scrutinizing the Ledgers and other documents.
Main Company Petition CP (IB) 591/9/HDB/2018 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 is dismissed as withdrawn as
Operational Creditor/M/s. Sowbhagya Media Limited has decided to withdraw the case in their Board Meeting held on 2t0h December, 2019 against
the Corporate Debtor/M/s. Siri Media Private Limited.
Main Company Petition CP (IB) 591/9/HDB/2018 is therefore, dismissed as withdrawn.
Since Main Petition CP (IB) 591/9/HDB/2018 is dismissed as withdrawn, IA No. 855/2019 becomes infructuous and accordingly dismissed as
infructuous.