Prime Focus Ltd: NCLAT Closes CIRP, Restores Board Powers

Prime Focus Ltd announced the closure of its Corporate Insolvency Resolution Process (CIRP) following an oral pronouncement by the Hon'ble National Company Law Appellate Tribunal (NCLAT). The NCLAT allowed the company's appeal, setting aside the admission order from the National Company Law Tribunal. This decision means the CIRP is closed, the moratorium under Section 14 of the IBC is lifted, and the Board of Directors' powers are fully restored. The company will operate in the ordinary course, and a lien on a fixed deposit will be released as per an agreement between parties. The formal written order is awaited.