# In the matter of Acute Daily Media Pvt. Ltd. & Ors. vs. Rockman Advertising and Marketing
(India) Ltd. & Ors.

> NCLAT judgment dated 2025-01-16. Citation: TCN-2025-NCLAT-00260. The appeal arises from an order dated 2024-06-12 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 16 Jan 2025
- **Citation:** TCN-2025-NCLAT-00260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/acute-daily-media-pvt-ltd-ors-vs-rockman-advertising-and-marketing-india-ltd-ors-5f9fa37a

## Summary

### Background

The appeal arises from an order dated 2024-06-12 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) in I.A. No. 3602/2022 in C.P. No. 50(PB) of 2021. The Adjudicating Authority allowed I.A. No. 3602 of 2022 under Section 65 of IBC, terminating the Corporate Insolvency Resolution Proceedings (CIRP) initiated against the Corporate Debtor. The CIRP was initiated on 2022-05-17 based on Section 7 proceedings filed by Acute Daily Media Pvt. Ltd. and other financial creditors against Sharp Eye Advertising Pvt. Ltd. The Appellants had purportedly advanced loans to the Corporate Debtor, which the Corporate Debtor defaulted on. Respondent No.1-Rockman Advertising moved an application under Section 65 of the IBC seeking termination of the

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## Facts

Acute Daily Media Pvt. Ltd. and others (Appellants) filed an appeal against an order passed by the Adjudicating Authority (NCLT, New Delhi Bench-II). The NCLT had allowed an application under Section 65 of the Insolvency and Bankruptcy Code (IBC), terminating the Corporate Insolvency Resolution Proceedings (CIRP) against Sharp Eye Advertising Pvt. Ltd. (Corporate Debtor). The CIRP was initiated based on a Section 7 application filed by the Appellants, claiming to be financial creditors. The Appellants claimed to have advanced loans to the Corporate Debtor, which were defaulted upon. Rockman Advertising and Marketing (India) Ltd. (Respondent No. 1) filed an application under Section 65, alleging that the Section 7 application was filed collusively and fraudulently with

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in allowing the Section 65 application and …

**Ratio:** Section 65 of the IBC is an enabling provision that allows the Adjudicating Authority to

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**Reasoning:** The Adjudicating Authority took cognizance of the fact that several facts had not been

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**Interpretation:** Section 65 provides a safeguard against the misuse of Section 7 by allowing the

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**Application:** The NCLAT found that the Adjudicating Authority was justified in considering

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** M/s Acute Daily…
- **Respondents:** Sharp Eye…; M/s Rockman…

## Timeline

- **2021-01-01 — C.P. No. 50(PB…**: Mention of C.P. No. 50(PB) of 2021 in…
- **2022-05-17 — CIRP Init…**: CIRP was initiated against Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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