MFan9724
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Sony Pictures Networks moved to the Kolkata high court and in January, it obtained an order directing National Company Law Tribunal (NCLT) to hear Manthan’s corporate insolvency resolution matter and pass an appropriate order within three months. An attempt to submit a resolution plan to revive Manthan was persistently opposed by Sony along with Alliance Broadband (another creditor of Manthan) and Kuldeep Verma (the appointed liquidator of Manthan currently). The long-pending Manthan matter finally was put to rest with NCLT passing an order on 6 April 2022 directing the liquidation of Manthan.
The collateral will help the broadcaster to gain the 'Secured Operational Creditor' status which was granted by the NCLT in January 2021. The first of its kind judgement in the entire broadcasting industry. The operational creditors are not given secured creditor status due to lack of collateral; no other broadcaster has ever taken any collateral in this industry.
The Manthan case chronology
Sony welcomes NCLT order to start Manthan's liquidation process
The collateral will help the broadcaster to gain the 'Secured Operational Creditor' status which was granted by the NCLT in January 2021. The first of its kind judgement in the entire broadcasting industry. The operational creditors are not given secured creditor status due to lack of collateral; no other broadcaster has ever taken any collateral in this industry.
The Manthan case chronology
Sony welcomes NCLT order to start Manthan's liquidation process
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