Bankruptcy order against Siva cancelled |22 January 2016

The bankruptcy order against entrepreneur Chinnakannan Sivasankaran, better known as Siva, has been cancelled.

The decision was taken by the Supreme Court which ordered the unfreezing of assets of billionaire Sivasankaran.

The bankruptcy order took place in August 2014.

It was on January 18, 2016 that the Supreme Court directed that all assets of Mr Siva worldwide are freed and to be used to pay creditors. The court also rejected the objection of Batelco Millennium India Company.

Batelco won litigation against Mr Sivasanakaran and Siva Ltd. in the United Kingdom after Mr Sivasankaran was accused of failing to honour a settlement agreement signed in November 2011 relating to a commercial telecommunications venture in India into which both parties had entered in 2009. Mr Sivasankaran was ordered to pay $211 million to BMIC by the London Court in June 2014. Since he failed to pay up the sum, the court ordered the freezing of his global assets.