In a relief to Culver Max Entertainment (formerly known as Sony Pictures Network India), appellate Tribunal NCLAT has set aside an NCLT order rejecting the insolvency plea filed by the broadcaster against an Odisha-based fintech firm.
The NCLAT has remanded the matter back to the Cuttack bench of the National Company Law Tribunal (NCLT) to hear it afresh.
The National Company Law Appellate Tribunal (NCLAT) observed that NCLT should at least give an opportunity to Culver Max to rectify the defect in the application, and said the opportunity was not given in the present case.
Hence, the NCLT order, which was passed on April 30, 2024,…