On June 10, the National Company Law Tribunal (NCLT), Mumbai Bench III allowed the release of Vikram Bhatt’s horror film. Haunted – Echoes of the Past On June 12, even though the project is embroiled in a legal dispute related to bankruptcy. However, the tribunal has imposed stringent conditions to protect the interests of the ongoing Corporate Insolvency Resolution Process (CIRP).
Reveal: Haunted – Echoes of the Past gets NCLT nod for release on June 12; Producers directed to deposit all revenues in separate bank account
This order was passed in connection with the proceedings involving K Sera Sera and Vikram Bhatt StudioVirtual World Pvt. Ltd. Ltd. and Hare Krishna Media Tech Pvt. Ltd., hearing the case, the NCLT said that the Resolution Professional (RP) had sought to stay the release of the film and prevent creation of third party rights in the film. The tribunal also allowed RP to include four additional defendants in the case and directed them to file their replies before the next hearing.
A resolution professional is an insolvency professional appointed by the NCLT to manage the affairs of a company undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC). The RP is responsible for safeguarding the assets of the company, preserving value for creditors and ensuring transparency in financial transactions during insolvency proceedings.
The tribunal reminded that it had earlier refused to stay the release of the film. Instead, it had directed the respondents to disclose all revenue generated from the film to the RP, which would then place the details before the Committee of Creditors (CoC) for consideration.
During the latest hearing, the counsel representing some of the respondents informed the bench that they had acquired the rights in the film through an agreement dated January 30, 2024, before the commencement of the insolvency proceedings. He further said that the film was scheduled to release on June 12 and pledged to voluntarily deposit all revenues generated from the film – including theatrical collections, music rights and other exploitation rights – into a separate bank account.
Accepting this undertaking, NCLT allowed the release Haunted – Echoes of the PastSubject to two main conditions. All revenue earned from the film should be deposited in a separate bank account, and weekly details of revenue and expenditure should be shared with the resolution professional. RPs have also been given the liberty to approach the tribunal if any extraordinary expenditure is detected. The matter has now been listed for further hearing on July 27, 2026.
