Nearly one-third staff of Smaaash Entertainment Pvt. Ltd., which is below the Insolvency & Bankruptcy Code (IBC) proceedings, resigned on a single day, elevating a query mark on the revival of the sports activities leisure firm.

Precisely 82 staff out of 300 staff of the corporate tendered their resignations a couple of week in the past alleging “harassment and intimidation” by the Resolution Professional (RP) and “people authorised by him.”

The Mumbai-based staff are from throughout numerous ranges, an organization official mentioned asking to not be named.
“There was constant harassment by way of snatching away of mobile phones, selectively not paying salaries and threatening with criminal action for not cooperating…. This led to the mass resignations,” the official mentioned including this transfer would influence the operations and delay revival.
  
In an electronic mail response, Bhrugesh Amin, RP for Smaassh Entertainment mentioned, “Unfortunately, I would not be able to answer your questions at this stage of the resolution process, owing to confidentiality.”

“In my capacity as Resolution Professional, I am obliged to respect the confidential nature of the process and uphold it,” he added.

 The firm promoted by MSME entrepreneur Shripal Morakhia, who had earlier promoted SSKI-Sharekhan, was admitted into IBC course of by the Mumbai bench of the National Company Law Tribunal (NCLT) in May 2022.
 
Edelweiss Asset Reconstruction Company Ltd. had moved the NCLT following default of ₹292.4 crore by Smaaash Entertainment, which had suffered monetary losses through the pandemic.