# In the matter of Sri Adhikari Brothers Television Network Limited I.A. 1721 of 2021 in C.P. No. 4374 of 2018

> NCLT judgment dated 2021-12-16. Citation: TCN-2021-NCLT-00155. The case involves an application (IA 1721/2021) filed by Marvel Media Private Limited and SAB…

- **Court:** NCLT
- **Order date:** 16 Dec 2021
- **Citation:** TCN-2021-NCLT-00155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sri-adhikari-brothers-television-network-limited-ia-1721-of-2021-in-cp-no-4374-o-6f429cb0

## Summary

### Background

The case involves an application (IA 1721/2021) filed by Marvel Media Private Limited and SAB Events & Governance Now Media Limited (jointly) seeking a direction to the Resolution Professional (RP) to present a Resolution Plan submitted by the applicants. The Corporate Insolvency Resolution Process (CIRP) against Sri Adhikari Brothers Television Network Limited had commenced on 20.12.2019. The applicants' resolution plan was based on their combined net worth exceeding Rs. 10 crore, a requirement for prospective resolution applicants. However, a due verification revealed that the net worth of SAB Events & Governance Now Media Ltd was 'NIL', resulting in a combined net worth of less than Rs. 10 crore.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Sri Adhikari Brothers Television Network Limited on 20.12.2019. Marvel Media Private Limited and SAB Events & Governance Now Media Limited jointly filed an application (IA 1721/2021) seeking to direct the Resolution Professional (RP) to present their Resolution Plan. The applicants claimed a combined net worth exceeding Rs. 10 crore as of 31.03.2019, based on a certificate from Bhavesh Vora and Associates, Chartered Accountants. However, a due verification by Mr. Vinod Kumar Jain, Chartered Accountant, revealed that SAB Events & Governance Now Media Ltd had a 'NIL' net worth as of 31.03.2019. The RP presented this fact to the Committee of Creditors (CoC) on 29.12.2020. Markand Adhikari and

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## Issues and analysis

### Issue 1: Whether Marvel Media Pvt Ltd and SAB Events & Governance Now Media Ltd met the eligibility …

**Ratio:** Regulation 36A(5) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The court reasoned that the applicants' combined net worth was less than the required Rs.

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**Interpretation:** The interpretation of Regulation 36A(5) is that the eligibility criteria,

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**Application:** The court applied Regulation 36A(5) to the facts of the case, finding that the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Marvel Media Pvt.…
- **Respondents:** Adhikari Brothers…; Vijendra Kumar…

## Timeline

- **2019-12-20 — Commencement…**: Corporate Insolvency Resolution Process (CIRP) against Sri Adhikari Brothers Television…
- **2020-01-15 — First CoC M…**: The first meeting of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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