NCLT admits Pen India’s plea against Reliance Entertainment Studios
Mumbai: The National Company Law Tribunal (NCLT), Mumbai, has admitted a Section 7 insolvency petition filed by film company Pen India against Reliance Entertainment Studios, initiating the corporate insolvency resolution process (CIRP).
The petition arose from a ₹20-crore security deposit agreement dated November 14, 2022, under which Pen India disbursed the amount to Reliance Entertainment Studios. The agreement provided for interest at 21% per annum, compounded monthly. Pen India claimed a default of ₹11.94 crore, with June 30, 2024 stated as the date of default.
