# In the matter of Eros International Media Limited

> NCLT judgment dated 2026-04-08. Citation: TCN-2026-NCLT-00366. Gutz Feel Film Production LLP filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 Apr 2026
- **Citation:** TCN-2026-NCLT-00366
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/eros-international-media-limited-c13ee5fb

## Summary

### Background

Gutz Feel Film Production LLP filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eros International Media Limited for an alleged default in operational debt.

## Facts

An application was filed on 05.09.2024 under Section 9 of the Insolvency and Bankruptcy Code, 2016.

Gutz Feel Film Production LLP, the Operational Creditor, sought to initiate CIRP against Eros International Media Limited, the Corporate Debtor.

The alleged default in operational debt was Rs. 3,33,07,752/- along with 18% interest.

The Operational Creditor and the Corporate Debtor entered into a Film Rights Acquisition Agreement for the movie 'English Vinglish' on 05.05.2012.

The Corporate Debtor was required to share profits with the Operational Creditor in the ratio of 50:50 percent.

…

## Issues and analysis

### Issue 1: Whether the dues claimed qualify as 'operational debt' under Section 5(12) of the Insolvency and …

**Ratio:** The definition of 'operational debt' under Section 5(12) requires a debt in respect of

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**Reasoning:** The NCLT observed that the agreement between the parties was in the nature of a

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**Interpretation:** The profit from the revenue-sharing arrangement cannot be equated with an

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**Application:** The NCLT held that the Petitioner failed to prove that the dues claimed

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Gutz Feel Film…
- **Respondents:** Eros International…
- **Advocates:** Shyam Ka…; Ruchita…; +4 more

## Timeline

- **2012-05-05 — Agreement…**: Film Rights Acquisition Agreement between Gutz Feel Film Production LLP and Eros…
- **2016-02-03 — Agreement…**: Film Co-Production Agreement (Ki and Ka Agreement) between Gutz Feel Film Production LLP…

## 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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