NCLT admits insolvency plea against Prime Focus over Rs 353.79 crore claim, company challenges order in NCLAT

The National Company Law Tribunal (NCLT), Mumbai Bench, has orally pronounced admission of an insolvency petition against Prime Focus Ltd filed by Reliance Alpha Services Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition relates to an alleged financial debt of Rs 353.79 crore, including interest.

In a regulatory filing on May 7, Prime Focus said it was informed about the oral pronouncement around 8.18 pm on May 6 and that the written order is awaited. The company said it has already approached the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief, including a stay on the operation of the order.