NCLT Grants Conditional Release for Vikram Bhatt's 'Haunted – Echoes Of The Past'

On June 10, the National Company Law Tribunal (NCLT), Mumbai Bench III, authorized the release of Vikram Bhatt's horror film, "Haunted – Echoes Of The Past," scheduled for June 12. This approval comes amidst an ongoing legal dispute concerning the film's project, which is embroiled in a Corporate Insolvency Resolution Process (CIRP).

The NCLT's order was issued in connection with proceedings involving K Sera Sera & Vikram Bhatt Studiovirtual World Pvt. Ltd. and Hare Krishna Media Tech Pvt. Ltd. The Tribunal noted that the Resolution Professional (RP) had previously sought to prevent the film's release and the creation of third-party rights. The RP is an insolvency professional appointed by the NCLT to manage a company's affairs during insolvency, responsible for protecting assets and ensuring financial transparency.

During the latest hearing, counsel representing some respondents informed the Bench that they had acquired rights to the film through an agreement dated January 30, 2024, preceding the commencement of the insolvency proceedings. They voluntarily committed to depositing all revenue from the film, including theatrical collections, music rights, and other exploitation rights, into a dedicated bank account.

Accepting this undertaking, the NCLT permitted the film's release under two key conditions: all revenue must be deposited into a separate bank account, and weekly statements detailing revenue and expenditure must be provided to the Resolution Professional. The RP also retains the right to approach the Tribunal if any extraordinary expenditures are identified.

The Tribunal previously declined to stay the film's release, instead directing respondents to disclose all generated revenue to the RP for the Committee of Creditors' consideration. The matter is scheduled for further hearing on July 27, 2026.

(Source: Bollywood Hungama)