Insider reports reveal that the company's Mumbai office has been shuttered since last year, with the bulk of its workforce having departed. In a pivotal ruling, the National Company Law Tribunal (NCLT) Mumbai Bench-VI has placed Planet Marathi Seller Services Private Limited (PMSSPL) into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.
The tribunal, after scrutinizing the submitted evidence, ruled that the company had defaulted on its obligations. It promptly enacted a moratorium, halting all ongoing or prospective legal actions and recovery efforts against PMSSPL. Stepping in as the Interim Resolution Professional (IRP) is Rishabh Sethi, who has effectively sidelined the existing board of directors and leadership team, previously headed by Akshay Vilas Bardapurkar. All authority over the company's operations, assets, and decision-making now vests solely with the IRP.
As per IBC guidelines, the IRP's mandate includes preserving PMSSPL as a viable entity, securing vital documents and properties, and prioritizing creditor protections throughout the resolution phase. A formal public notice has been circulated, urging all stakeholders to file their claims by November 18, 2025, for review and incorporation into the process.
This shift severs PMSSPL from its prior management, compelling Bardapurkar to extend full cooperation to the IRP as required by law. The insolvency unfolds against a backdrop of multiple litigations, notably a ₹7 crore Section 138 Negotiable Instruments Act case initiated by ex-co-founder and director Soumya Vilekar over bounced cheques.
The NCLT's directive signals a critical juncture for Planet Marathi, whose path forward hinges on the Committee of Creditors (CoC). Outcomes could range from endorsing a revival strategy to opting for outright liquidation, determining whether this cultural gem can stage a comeback or fade into obscurity.
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