# In the matter of Avighna Films Private Limited C.P. (IB) No. 178-KB-2021

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-04589. Akshat Pandey, an Operational Creditor, filed a Company Petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-04589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/avighna-films-private-limited-cp-ib-no-178-kb-2021-6155afb1

## Summary

### Background

Akshat Pandey, an Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Avighna Films Private Limited, the Corporate Debtor, for failing to pay Rs. 1,14,25,000.

## Facts

Akshat Pandey filed a petition under Section 9 of the IBC against Avighna Films Private Limited.

The petition was filed due to the Corporate Debtor's failure to pay Rs. 1,14,25,000 to the Operational Creditor.

Akshat Pandey was inducted as an Additional Director in Avighna Films Private Limited for the production of a movie.

The Operational Creditor invested Rs. 1,14,25,000 in the production of a movie by the Corporate Debtor.

Sohini Ghosh, a director of the Corporate Debtor, entered into an agreement with Editfx Studios Pvt. Ltd. restricting other persons from post-production activities.

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## Issues and analysis

### Issue 1: Whether an investment made by the Director of the Company falls under the definition of Operational …

**Ratio:** An investment made by a director in a company for the production of a movie does not fall

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**Reasoning:** The court considered Section 5(21) of the Code, which defines 'Operational Debt' as a

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**Interpretation:** The court interpreted that the investment made by the Petitioner, who is also a

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**Application:** Applying the definition and considering the facts, the court concluded that the

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Akshat P…
- **Respondents:** Avighna Films…
- **Other parties:** Pujarini…; Sohini…
- **Advocates:** Sandip Kumar…; Shounak…; +2 more

## Timeline

- **2021-02-15 — Petition…**: The present petition was…
- **2022-05-20 — Date of H…**: Date of Hearing:…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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