VerSe Innovations files insolvency case against Planet Marathi’s Akshay Bardapurkar

New Delhi: VerSe Innovations, the parent company of platforms like Dailyhunt and Josh, has filed personal insolvency proceedings against Akshay Bardapurkar, the founder of Planet Marathi. 

The petition, submitted under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, alleges financial default and breach of contractual obligations by Bardapurkar.

The matter pertains to an agreement dated 30 September 2023, in which VerSe Innovations had extended a principal amount of Rs 5.5 crore towards the development and production of a Marathi-language film titled 'Raav Saheb'. 

This agreement, seen as a major funding initiative, was made with Planet Marathi Seller Services, a company associated with Bardapurkar.

Bardapurkar executed a personal guarantee for the full amount, thereby legally binding himself to fulfil the obligations in case of any default by the corporate entity. 

Following Planet Marathi’s failure to honour its financial commitments, VerSe Innovations has now turned to enforce the personal guarantee, holding Bardapurkar individually liable for the entire defaulted sum.

This has resulted in the filing of an application under Section 95(1), which empowers financial creditors to initiate personal insolvency resolution proceedings against individual guarantors. 

A representative of Bardapurkar told the media, "While an application may have been filed before the National Company Law Tribunal by a third party, the matter is currently sub judice. The court has neither admitted the application nor passed any order establishing insolvency or bankruptcy against Mr Bardapurkar or Planet Marathi. The company is financially supported by existing and incoming investors and is neither insolvent nor facing liquidation.”

Upon admission by the Debt Recovery Tribunal (DRT), Bardapurkar would be subjected to scrutiny by a Resolution Professional, insolvency proceedings, and even public declaration of bankruptcy in the event a repayment plan is not feasible.

This application comes in addition to the corporate insolvency proceedings initiated against Planet Marathi Seller Services.

The National Company Law Appellate Tribunal (NCLAT), through its judgment dated February 21, 2025, has clarified that applications under Section 95 of the IBC against personal guarantors are maintainable before the NCLT even in the absence of any ongoing Corporate Insolvency Resolution Process (CIRP) or liquidation proceedings against the corporate debtor.