Prime Focus on May 12 succeeded in getting an order passed by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, staying the NCLT’s (Bombay bench) order dated May 6. After the NCLAT order, the Interim Resolution Professional shall not take any further steps in pursuance of the NCLT order.
The NCLAT ordered Prime Focus to deposit Rs. 353.79 crore in an interest-bearing account with the Registrar, NCLAT, on or before May 20. The matter was listed for further hearing on July 9.
It may be recalled that the NCLT had on May 6 initiated section 7 (insolvency) proceedings for total amount of Rs. 353.79 crore which includes the principal amount of Rs. 200 crore, interest and…