Resolving Asset Ownership Under the Insolvency and Bankruptcy Code

Case Note on Siti Networks Ltd. v. Rajiv Suri

Facts:

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  Parties Involved:

  • The case involves Siti Networks Ltd. (formerly Siticable Network Ltd.), represented by its Resolution Professional Rohit Ramesh Mehra (Appellant).
  • Rajiv Suri, a businessman (Respondent).
    
     

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  Background:

  • The Appellant is undergoing a Corporate Insolvency Resolution Process (CIRP) initiated on February 22, 2023, under the Insolvency and Bankruptcy Code, 2016 (IBC).
  • In June 2016, the Appellant was ordered to pay Rs. 15,00,000 as damages to the Respondent for breach of contractual obligations by Siti Networks Ltd.
  • The court found the Appellant had failed to fulfill its contractual duties,…