The National Company Law Tribunal (NCLT) Mumbai Bench dismissed the insolvency petition filed by Swami Films Entertainment Private Limited against tv vision on August 7, 2026. The tribunal ruled the application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016 as infructuous, thereby disposing of the legal proceedings initiated by the operational creditor. This resolution removes a significant regulatory overhang for the company, which is currently undergoing a Corporate Insolvency Resolution Process (CIRP).

The dismissal follows an earlier intimation dated December 30, 2025, where TV Vision Limited informed stock exchanges about receiving a copy of the petition. Swami Films Entertainment Private Limited had approached the Hon'ble National Company Law Tribunal, Mumbai Bench, in its capacity as an Operational Creditor. The recent order signifies that the specific claims raised under Section 9 of the IBC will not proceed further.

Key Details of the Order

TV Vision Limited disclosed the development through an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted this update to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) to ensure transparency with investors and market participants.

Procedural Context

The petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows operational creditors to initiate corporate insolvency resolution processes. By dismissing the petition as infructuous, the NCLT has closed this specific avenue of insolvency initiation by Swami Films. The proceedings initiated by the operational creditor under this section now stand disposed of.

Alok Kumar Murarka, the Interim Resolution Professional (IRP) for TV Vision Limited, signed the disclosure. His IBBI registration number is IPA-001/IP-P-01934/2019-2020/13006. As the IRP, Murarka is responsible for managing the affairs of the company during the CIRP and ensuring timely disclosures to regulators and stakeholders.

TV Vision Limited received a show cause notice on August 05, 2026, from the Office of the Deputy Commissioner of State Tax, Maharashtra, proposing a total demand of ₹53,928,952 for alleged excess availment of Input Tax Credit (ITC) during Financial Year 2022-23. The notice, issued under Section 73 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017, breaks down the liability into a proposed tax demand of ₹38,386,964 and applicable interest of ₹15,541,988. No penalty has been proposed at this stage. This development adds to the regulatory complexities for the company, which is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/25 dated February 25, 2025. Alok Kumar Murarka, the Interim Resolution Professional (IBBI/IPA-001/IP-P-01934/2019-2020/13006), signed the communication to the Bombay Stock Exchange and National Stock Exchange of India Limited. The notice arises from a scrutiny of GST returns, specifically highlighting discrepancies where claimed ITC was not reflected in the GSTR-2A/2B documents.

The company has been directed to furnish its reply to the show cause notice on or before September 4, 2026. Alternatively, it may appear for a personal hearing scheduled for August 25, 2026, at 11:00 A.M. before the Deputy Commissioner of State Tax. The Interim Resolution Professional stated that the company is in consultation with its tax advisors and will file an appropriate reply within the stipulated timeline while taking all necessary legal steps in accordance with applicable laws.

Key Details of the Notice

What the Numbers Show

The composition of the demand reveals that interest constitutes approximately 29% of the total liability, indicating that the core dispute centers on the principal tax amount of ₹38,386,964. Since no penalty is proposed, the authority’s initial stance appears focused on recovering the alleged shortfall and statutory interest rather than imposing punitive measures. For a company under CIRP, such tax demands are critical as they impact the resolution process and potential recovery value for creditors, although the filing states there is no material impact on operations at this stage.