2026 (6) TMI 1017

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....V.R. Manoranjan (Muvattupuzha), Sri. Abdul Raoof Pallipath, Smt. Aysha Abraham, Smt. K. Rajeswary, Shri. Anil Prabha. K, Smt. Aleena Anabelli A. For the Respondents: By Advs. Shri. Sreelal N. Warrier, Spl. Public Prosecutor, Central Bureau Of Investigation (CBI), O.M. Shalina, Deputy Solicitor General Of India Sri. Jaishankarof. Nair, SC, Ed, Sri. B. Ananthu Sri. Cyriac Tom For R4, Sri. Joseph Kodianthara (Sr.), For R4 Sri. S. Sreekumar (Sr.) Instructed by Adv. Aamir Sohrab M.M Sri. Santhosh Mohan(Sr.) Instructed By Harikumar G Nair. JUDGMENT Two Private Limited Companies represented by the same Managing Director, have filed this writ petition under Article 226 of the Constitution of India seeking the following reliefs: "(....

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.... Raveendran, Mr. Riju Raveendran and Mrs. Divya Gokulnath. During the year 2018-2022, the above company adopted global expansion strategy with overseas investments exceeding USD 1.42 billion financed, guaranteed and controlled by an Indian Parent Entity with post acquisition operational control, product development, engineering and intellectual property management being co-ordinated from India. On 04.09.2023, TLPL entered into a loan agreement with Mr. Riju Raveendran for USD 100 Million, conferring strategic conversion rights including the right to acquire 100% ownership of Epic Creation Inc. and Tangible Play Inc. On 01.12.2023, Mr. Riju Raveendran assigned all rights under the loan agreement to the petitioners for consideration. Upon def....

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....ter 11 proceedings were initiated in the United States in respect of the same loan and same guarantee which amounted to double recovery leading to appointment of a foreign trustee. Between October and November, 2024, access to domain, App-Store Accounts, source code repositories and Cloud Infrastructure of Epic and Tangible Play was forcibly taken over, and the foreign trustee proceeded to alienate Epic to a foreign Chinese Entity despite pending Indian proceedings and interim protection. If CIRP is allowed to continue, Indian Courts will be rendered functus officio by accomplished facts, and any eventual declaration of ownership in favour of the petitioners will be reduced to a hollow formality. Complaints were already filed before the Enf....

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....fs as prayed for in this writ petition, had been dismissed as withdrawn by a Division Bench of this Court on 13.01.2026. On the next day, i.e., on 14.01.2026, the petitioners preferred this writ petition seeking the very same reliefs notwithstanding the fact that no leave was sought, and much less allowed, by the Division Bench to institute a fresh proceeding in respect of the same cause of action as stated in W.P.(PIL) No. 171/2025. 7. The copy of W.P(PIL) No. 171/2025 has been produced in this case as Ext.R4(g). It is apparent from Ext.R4(g) that the said writ petition was filed by the petitioners herein on the same factual matrix as that of this case, and that the reliefs prayed for thereunder are exactly the same reliefs as that of t....