# 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-00261. 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-00261
- **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-aaf7c84e

## 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 were defaulted upon. Respondent No.1, Rockman Advertising, filed an application under Section 65 of the IBC seeking termination of the CIRP, alleging

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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) on 2024-06-12. The NCLT order terminated the Corporate Insolvency Resolution Process (CIRP) of Sharp Eye Advertising Pvt. Ltd. (Corporate Debtor) based on an application under Section 65 of the Insolvency and Bankruptcy Code (IBC). The CIRP had been initiated on 2022-05-17, following a Section 7 application by Acute Daily Media Pvt. Ltd. and other financial creditors, claiming that Sharp Eye Advertising had defaulted on loan repayments. The Appellants claimed to have disbursed loans to the Corporate Debtor under loan agreements signed on various dates in 2016 and 2019, totaling Rs. 1,20,90,682/- including interest. Rockman

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in terminating the CIRP of the Corporate Debtor …

**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 material facts had

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**Interpretation:** Section 65 of the IBC provides a mechanism to prevent the misuse of the CIRP

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**Application:** In this case, the Adjudicating Authority found that the Section 7 application

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## Parties

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

## Timeline

- **2021-01-01 — C.P. No. 50(PB…**: Case filed bef…
- **2022-05-17 — CIRP Init…**: CIRP 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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