On June 10, the National Company Law Tribunal (NCLT), Mumbai Bench III, permitted the discharge of Vikram Bhatt’s horror film Haunted – Echoes Of The Past on June 12, whilst the project stays embroiled in an insolvency-related legal dispute. Nonetheless, the Tribunal has imposed strict conditions to safeguard the interests of the continued Corporate Insolvency Resolution Process (CIRP).
REVEALED: Haunted – Echoes Of The Past got NCLT nod for June 12 release; makers directed to deposit all revenues in separate checking account
The order was passed in reference to proceedings involving K Sera Sera & Vikram Bhatt Studiovirtual World Pvt. Ltd. and Hare Krishna Media Tech Pvt. Ltd. While hearing the matter, the NCLT noted that the Resolution Skilled (RP) had sought to restrain the film’s release and forestall the creation of third-party rights within the movie. The Tribunal also allowed the RP to implead 4 additional respondents within the matter and directed them to file their replies before the subsequent hearing.
A Resolution Skilled is an insolvency skilled appointed by the NCLT to administer the affairs of an organization undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC). The RP is chargeable for protecting the corporate’s assets, preserving value for creditors and ensuring transparency in financial transactions in the course of the insolvency proceedings.
The Tribunal recalled that it had earlier declined to remain the discharge of the film. As a substitute, it had directed the respondents to reveal all revenue generated from the film to the RP, who would then place the small print before the Committee of Creditors (CoC) for its consideration.
In the course of the latest hearing, counsel representing some Respondents informed the Bench that that they had acquired rights within the film through an agreement dated January 30, 2024, prior to the commencement of the insolvency proceedings. They further stated that the film was scheduled for release on June 12 and voluntarily undertook to deposit all revenue generated from the film – including theatrical collections, music rights and other exploitation rights – right into a separate checking account.
Accepting this undertaking, the NCLT permitted the discharge of Haunted – Echoes Of The Past, subject to 2 key conditions. All revenue earned from the film have to be deposited in a separate checking account, and weekly statements of revenue and expenditure have to be shared with the Resolution Skilled. The RP has also been granted liberty to approach the Tribunal if any extraordinary expenditure is detected. The matter has now been listed for further hearing on July 27, 2026.
Also Read: Vikram Bhatt says Haunted: Echoes of the Past 3D survived financial crisis, legal hurdles and delayed release; recalls 75 days in prison: “Ten days into the shoot, money ran out”
More Pages: Haunted 3D: Echoes Of The Past Box Office Collection , Haunted 3D: Echoes Of The Past Movie Review
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