The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Reliance Entertainment Studios Private Limited into the insolvency process over a payment default of ₹11.94 crore arising from financing for the film Auron Mein Kahan Dum Tha.
In an order dated August 19, a bench comprising judicial member Nilesh Sharma and technical member Sameer Kakar held that the ₹20 crore paid by Pen India towards the film’s release qualified as ‘financial debt’ under the Insolvency and Bankruptcy Code (IBC). The tribunal also imposed a moratorium and appointed Umesh Balaram Sonkar as the interim resolution professional (IRP).
The NCLT, however, clarified that it…