Legal12 May 2026, 08:31 pm
Prime Focus: NCLT Order Stayed; ₹353.8 Cr Deposit Ordered
AI Summary
The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT order for Corporate Insolvency Resolution Process (CIRP) against Prime Focus Ltd. The NCLAT directed Prime Focus to deposit ₹353.79 crores in an interest-bearing account with the Registrar, NCLAT, by May 20, 2026. The company argued it is solvent with 12,000 employees and has sufficient assets. The matter is listed for further hearing on July 9, 2026.
Key Highlights
- NCLAT stays NCLT order for CIRP against Prime Focus.
- Prime Focus to deposit ₹353.79 Cr in NCLAT interest-bearing account by May 20, 2026.
- NCLAT acknowledges Prime Focus' claim of solvency and sufficient assets.
- Interim Resolution Professional (IRP) barred from further action.
- Next hearing scheduled for July 9, 2026.