India's appellate tribunal, the National Company Law Appellate Tribunal (NCLAT), has set aside a National Company Law Tribunal (NCLT) order that rejected Culver Max Entertainment's insolvency petition against an Odisha-based fintech firm, offering relief to the broadcaster, which was formerly known as Sony Pictures Network India.NCLAT passed the case back to the Cuttack bench of NCLT, directing the court to hear the matter afresh.The tribunal also observed that NCLT should have at least given Culver Max an ...

The NCLAT has remanded the matter back to the Cuttack bench of the National Company Law Tribunal (NCLT) to hear it afresh. The National Company Law Appellate Tribunal (NCLAT) observed that NCLT should at least give an opportunity to Culver Max to rectify the defect in the application, and said the opportunity was not given in the present case. Hence, the NCLT order, which was passed on April 30, 2024, suffers from illegality and needs to be set aside, said a two-member NCLAT bench comprising Justice Yogesh ...