Planet Marathi OTT Faces Insolvency: NCLT Orders Control to IRP
• Corporate Insolvency Resolution Process Initiated for Streaming Service
• Legal Battles and Financial Claims Mount Against Planet Marathi
• An Uncertain Future: Resolution or Liquidation Awaits Platform
In a Sprouts News Special Investigation Team exclusive, we first expose Planet Marathi OTT’s insolvency. The NCLT has admitted the company into corporate insolvency, transferring control to an IRP. The platform is now non-functional, with its future resting with creditors amid significant financial and legal challenges.
- Planet Marathi OTT Faces Insolvency: NCLT Orders Control to IRP
- • Corporate Insolvency Resolution Process Initiated for Streaming Service
- • Legal Battles and Financial Claims Mount Against Planet Marathi
- • An Uncertain Future: Resolution or Liquidation Awaits Platform
- Planet Marathi OTT Faces Insolvency: NCLT Orders Control to Interim Resolution Professional
- Corporate Insolvency Resolution Process Initiated for Streaming Service
- Legal Battles and Financial Claims Mount Against Planet Marathi
- An Uncertain Future: Resolution or Liquidation Awaits Platform
- From Meteoric Rise to Corporate Collapse: A Timeline
Click Here To Download the News Attachment
Planet Marathi OTT Faces Insolvency: NCLT Orders Control to Interim Resolution Professional
The National Company Law Tribunal (NCLT) has admitted Planet Marathi OTT for corporate insolvency. This decisive action places the platform’s future in jeopardy. Its operations are now under the control of an Interim Resolution Professional (IRP). The Mumbai Bench confirmed a default under India’s Insolvency and Bankruptcy Code (IBC), 2016. This ruling triggers an immediate moratorium on all recovery efforts.
Rishabh Sethi is appointed as the IRP for Planet Marathi Seller Services Private Limited. He assumes full command of all company assets and operations. The former board, led by founder Akshay Bardapurkar, is suspended. The IRP must now safeguard the interests of all creditors. He will manage the company as a going concern during this process.
Corporate Insolvency Resolution Process Initiated for Streaming Service
The NCLT’s order begins a formal Corporate Insolvency Resolution Process (CIRP). This legal framework aims to revive distressed companies or facilitate liquidation. A public announcement invites all creditors to submit their claims. The deadline for claim verification was set for 18 November 2025. This step is critical for determining legitimate financial liabilities.
The IRP acts as a court-appointed officer overseeing this phase. His mandate excludes influence from previous promoters or shareholders. Founder Akshay Bardapurkar is legally obligated to cooperate fully. He must provide all corporate records to the newly appointed IRP. This ensures a transparent and orderly process for all parties.
This development marks a significant fall for the regional streaming pioneer. The platform’s journey from start-up to insolvency is a cautionary tale. Its ultimate fate now rests with its creditors and the resolution outcome. This case highlights financial vulnerabilities in the media sector.
Also Read: Ulhasnagar Extortion Racket: RL Group Property Grab Exposed.
Legal Battles and Financial Claims Mount Against Planet Marathi
This insolvency filing occurs alongside multiple serious legal challenges. A Sprouts News Special Investigation Team analysis reveals a pattern. The company faces allegations of financial mismanagement and unfulfilled commitments from several parties.
Former co-founder Soumya Vilekar has initiated major legal action. Her case involves cheques worth ₹7 crore that were dishonoured. The lawsuit falls under Section 138 of the Negotiable Instruments Act. Vilekar cited alleged fraudulent practices as her reason for filing.
Her case is not an isolated one. Several other investors and vendors have advanced claims. These include significant allegations from a Dubai-based investor and a film producer. Collectively, these financial claims are estimated to exceed ₹30 crore. This signals profound and systemic financial distress within the organization.
An Uncertain Future: Resolution or Liquidation Awaits Platform
The Committee of Creditors (CoC) will now determine the company’s final fate. The IRP will convene this committee of verified financial creditors. This group holds the ultimate power to decide the platform’s destiny. They can approve a resolution plan to attempt a revival.
Alternatively, they may conclude that liquidation is the only viable path. This would involve selling all company assets to repay outstanding debts. The decision will be based on liabilities, asset value, and revival prospects. The outcome sets a major precedent for India’s regional media landscape.
The platform’s current state reflects its deep operational troubles. Industry sources confirm its office has been shut for nearly a year. The mobile application is completely non-functional and inaccessible. Most of its employees have also departed from the company.
From Meteoric Rise to Corporate Collapse: A Timeline
Planet Marathi launched in 2020 as a pioneer for Marathi-language entertainment. It quickly gained significant attention and a dedicated user base. The platform famously boasted an impressive 500% user growth early on. It produced acclaimed titles like Chandramukhi and Raanbazaar. These were hailed as major wins for regional language content.
However, this rapid growth trajectory proved ultimately unsustainable. Underlying financial and legal issues severely undermined its operations. The transition from high-growth start-up to insolvency was swift. This case underscores the critical importance of sound corporate governance.
The Sprouts News investigation confirms the NCLT order’s finality. Planet Marathi Seller Services Pvt. Ltd. is now a legally distinct entity. The management led by Akshay Bardapurkar no longer controls its assets. The IRP is the sole legal representative navigating this crisis.
