India’s appellate tribunal, the National Company Law Appellate Tribunal (NCLAT), has set aside a National Company Law Tribunal (NCLT) order that rejected Culver Max Entertainment’s insolvency petition against an Odisha-based fintech firm, offering relief to the broadcaster, which was formerly known as Sony Pictures Network India.
NCLAT passed the case back to the Cuttack bench of NCLT, directing the court to hear the matter afresh.
The tribunal also observed that NCLT should have at least given Culver Max an opportunity to rectify the defects in its application, an opportunity which was not given to the company in the present case.
In an order passed on 10 December 2025, the appellate tribunal said that this exercise should preferably be…