IBC Cannot Be Used to Recover NH-10 Movie Revenue-Sharing Dues: NCLT

Phantom Studios India Private Limited Vs EROS International Media Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, dismissed a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Eros International Media Limited for an alleged operational debt of ₹1,48,28,902. The Tribunal held that the claim did not qualify as an “operational debt” under Section 5(21) of the IBC because it arose from a joint venture and profit-sharing arrangement rather than ...