NCLT admits Canara Bank's insolvency plea against Krishna Showbiz Services
This story was originally published at 17:32 IST on 11 December 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal Thursday admitted Canara Bank's plea to start insolvency proceedings against Krishna Showbiz Services Pvt. Ltd., a company promoted by brothers Gautam Adhikari and Markand Adhikari, for unpaid dues of INR 2.62 billion. The Adhikari brothers, who are promoters of SAB TV, had founded Sri Adhikari Brothers Television Network Ltd.
The tribunal declared a moratorium against Krishna Showbiz Services under Section 14 of the Insolvency and Bankruptcy Code, 2016. It appointed Mayank Rameshchandra Jain as the interim resolution professional of the debt-ridden company to carry out the functions as per the 2016 Code.
"...we find that requisite conditions necessary to trigger CIRP (corporate insolvency resolution process) in respect of the CD (corporate debtor) are fulfilled, the application is complete as all the relevant documents have been attached by the applicant along with the application. As a result, the matter deserves to be admitted under Section 7 of the Code," said the tribunal.
The case has its genesis in Canara Bank sanctioning a loan to Krishna Showbiz Services in 2014. However, the company defaulted on its payments due to which its account was classified as a non-performing asset in 2017. Consequently, the bank moved the tribunal to start insolvency proceedings against Krishna Showbiz Services. Meanwhile, Krishna Showbiz Services admitted to the the outstanding debt and did not oppose the admission of insolvency proceedings.
On Thursday, shares of Canara Bank ended 1.0% higher at INR 146.80 on the National Stock Exchange, and those of Sri Adhikari Brothers Television Network ended 2.2% higher at INR 1,583.40. End
Reported by Surya Tripathi
Edited by Tanima Banerjee
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