Legal8 May 2026, 09:41 pm
Prime Focus Ltd: NCLT admits insolvency petition
AI Summary
Prime Focus Ltd has disclosed that the National Company Law Tribunal (NCLT), Mumbai Bench, admitted a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the company. The NCLT order appointed NPV Insolvency Professionals Private Limited as the Interim Resolution Professional (IRP). The amount of default is ₹353.79 crores, inclusive of interest on a principal amount of ₹200 crores. The National Company Law Appellate Tribunal (NCLAT) directed that the IRP shall not take any further steps until the next hearing on May 11, 2026.
Key Highlights
- NCLT admits insolvency petition against Prime Focus Ltd.
- NPV Insolvency Professionals appointed as Interim Resolution Professional (IRP).
- Default amount is ₹353.79 crores, including interest.
- NCLAT directs IRP to halt further steps until May 11, 2026 hearing.
- Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.