Prime Focus has moved the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief after the National Company Law Tribunal (NCLT), Mumbai Bench, orally pronounced admission of an insolvency petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Reliance Alpha Services Private Limited.
In a regulatory filing to BSE and NSE on May 7, the company said the oral pronouncement was made on May 6 and communicated to the company around 8:18 pm the same day. The petitioner has alleged a financial debt of INR 353.79 crore, including interest, under a loan agreement executed in 2019.
The company said the written…