Authority: National Company Law Tribunal, Mumbai Bench Court III

Order Date: 10.06.2026

Case Overview

The National Company Law Tribunal (NCLT) Mumbai Bench heard multiple interlocutory applications arising from Corporate Insolvency Resolution Process (CIRP) proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter involves K Sera Sera & Vikram Bhatt Studiovirtual World Private Limited as applicants and Hare Krishna Media Tech Private Limited as respondent, with several other parties subsequently impleaded.

The core dispute concerns the film "Haunted Ghosts of the Past" and its release during the CIRP process. The Resolution Professional (RP) had sought to restrain the release of the film and prevent creation of third-party rights. Previously, on 18.11.2025, the Tribunal had directed respondents to disclose all revenue/income/proceeds generated from the film's release/exhibition to the RP. On 15.04.2026, the Tribunal maintained status quo on the matter and imposed a cost of ₹25,000 on respondents for delay in filing reply.

Respondents 5-8 claimed they acquired rights to the film vide agreement dated 30.01.2024, which was executed prior to the CIRP initiation order dated 12.12.2024. They argued that since there was no express stay on the release, the film was scheduled for release on 12.06.2026.

Final Outcome

The Tribunal allowed the release of the film "Haunted Ghosts of the Past" on 12.06.2026 subject to strict conditions: (i) All revenue generated from the film including ticket sales, music rights, and other related products must be deposited in a separate bank account; (ii) Weekly statements of revenue and expenditure must be shared with the Resolution Professional; (iii) The RP has liberty to bring any extraordinary expenditure items to the Tribunal's attention.

The Tribunal also disposed of IA(I.B.C)/861(MB)2026 by allowing the RP to carry out amendments to implead Respondent Nos. 5, 6, 7 & 8 as necessary parties in IA(I.B.C)/5299(MB)2025. These newly impleaded respondents were given four weeks to file their reply, with two weeks for rejoinder thereafter.

The matter has been listed for further consideration on 27.07.2026.

Topics: Corporate Insolvency, Film Rights Dispute, NCLT Proceedings