VerSe Innovations Private Limited, a reputed Bangalore-based technology company, formally files the application initiating personal insolvency proceedings under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Akshay Bardapurkar, a producer from the Marathi film industry and the face of Planet Marathi, alleging serious financial default and breach of contractual commitments.
The matter relates to an agreement dated September 30, 2023, in which VerSe Innovations had allegedly extended a principal amount of ₹5.5 crores 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 Private Limited, a company associated with Bardapurkar, who allegedly executed a personal guarantee for the full amount.
The execution of personal guarantee legally binds an individual to fulfill the obligations in case of any default by the corporate entity. This application comes in addition to the corporate insolvency proceedings initiated against Planet Marathi Seller Services Private Limited, signalling a multi-pronged legal offensive against both the company and Bardapurkar personally.
[We have tried reaching out to Akshay Bardapurkar. His comments will be added as soon as we receive it.]
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