The National Company Law Tribunal (NCLT), Mumbai Bench, has orally pronounced admission of an insolvency petition against Prime Focus Ltd filed by Reliance Alpha Services Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition relates to an alleged financial debt of Rs 353.79 crore, including interest.
In a regulatory filing on May 7, Prime Focus said it was informed about the oral pronouncement around 8.18 pm on May 6 and that the written order is awaited. The company said it has already approached the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief, including a stay on the operation of the order.
Prime Focus disputed the claim, saying no amount was ever disbursed under the 2019 loan…