# In the matter of Smash Entertainment Private Limited

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00629. The case involves two Interlocutory Applications (I.A. No. 2328 of 2022 and I.A. No. 2656 of…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00629
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/smash-entertainment-private-limited-9b2ba7ce

## Summary

### Background

The case involves two Interlocutory Applications (I.A. No. 2328 of 2022 and I.A. No. 2656 of 2022) filed by Fun Gateway Arena Private Limited in relation to CP (IB) 935 (MB)/C-III/2020 under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016. I.A. 2328 seeks the tribunal's exercise of powers under the IBC to declare a Deed of Assignment of Brand Content valid and binding, to direct the Respondent (Mr. Bhrungesh Amin, Resolution Professional of Smaaash Entertainment Pvt. Ltd.) to amend the Subject EOI, and to stay the Corporate Debtor's Corporate Insolvency Resolution Process and the Respondent's appointment as the Corporate Debtor's Resolution Professional. I.A. 2656 seeks the dismissal of Interlocutory Application No. 2115 of 2022, a stay on further

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## Facts

Fun Gateway Arena Private Limited filed I.A No. 2328 of 2022 seeking the tribunal's intervention to validate a Deed of Assignment of Brand Content executed with the Corporate Debtor. They also sought a stay on the Corporate Debtor's insolvency resolution process and the Respondent's appointment as the Resolution Professional. Fun Gateway Arena Private Limited also filed I.A No. 2656 of 2022 seeking the dismissal of Interlocutory Application No. 2115 of 2022. The Resolution Professional (Mr. Bhrungesh Amin) had filed I.A. 2115 of 2022 challenging the Deed of Assignment. The tribunal disposed of I.A. 2115 of 2022 by allowing it. The petitioner in the IAs no longer survives. The applications were filed under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read

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## Issues and analysis

### Issue 1: Whether the Tribunal should exercise its powers under the Insolvency and Bankruptcy Code, 2016 …

**Ratio:** The validity and enforceability of a Deed of Assignment are determined based on its

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**Reasoning:** The tribunal's decision to dispose of the application indicates that the issue of the

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**Interpretation:** The IBC empowers the tribunal to adjudicate matters related to insolvency,

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**Application:** Since I.A. 2115 of 2022, which challenged the Deed of Assignment, was already

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Fun Gateway Arena…
- **Respondents:** Bhrungesh…

## Timeline

- **2022-04-19 — Deed of Ass…**: Deed of Assignment of Brand Content executed between the Applicant and the Corporate…
- **2022-01-01 — Filing of I.A No. 2328…**: Filed by Fun Gateway…

## 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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