On June 10, the National Company Law Tribunal (NCLT), Mumbai Bench III, permitted the release of Vikram Bhatt's horror film Haunted – Echoes Of The Past on June 12, even as the project remains embroiled in an insolvency-related legal dispute. However, the Tribunal has imposed strict conditions to safeguard the interests of the ongoing Corporate Insolvency Resolution Process (CIRP).
The order was passed in connection with 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 Professional (RP) had sought to restrain the film's release and prevent the creation of third-party rights in the movie. The Tribunal also allowed the RP to implead four additional respondents in the matter 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 protecting the company's assets, preserving value for creditors and ensuring transparency in financial transactions during the insolvency proceedings.
The Tribunal recalled that it had earlier declined to stay the release of the film. Instead, it had directed the respondents to disclose all revenue generated from the film to the RP, who would then place the details before the Committee of Creditors (CoC) for its consideration.
During the latest hearing, counsel representing some Respondents informed the Bench that they had acquired rights in 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 – into a separate bank account.
Accepting this undertaking, the NCLT permitted the release of Haunted – Echoes Of The Past, subject to two key conditions. All revenue earned from the film must be deposited in a separate bank account, and weekly statements of revenue and expenditure must be shared with the Resolution Professional. 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”
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