The Mumbai Bench of the National Company Law Tribunal (NCLT) has dismissed an insolvency plea filed by Phantom Studios India Pvt Ltd against Eros International Media Ltd.
The Tribunal held that Phantom Studios’ claim for ₹1.48 crore arising from the parties’ co-production arrangement for the film NH10 did not qualify as an operational debt under the Insolvency and Bankruptcy Code.
A bench of Judicial Member Lakshmi Gurung and Technical Member Hariharan Neelakanta Iyer rejected Phantom Studios’ petition seeking initiation of the corporate insolvency resolution process against Eros over an alleged default of Rs 1.48 crore.
“As in the facts and circumstances of present case the dues claimed by Petitioner do not constitute an…