NCLAT sets aside NCLT order in Culver Max insolvency case

The National Company Law Appellate Tribunal has set aside an order of the National Company Law Tribunal that had rejected an insolvency petition filed by Culver Max Entertainment, formerly known as Sony Pictures Network India, against an Odisha-based fintech firm, granting relief to the broadcaster, as per a report by PTI.

The appellate tribunal remanded the matter back to the Cuttack bench of the National Company Law Tribunal and directed it to hear the case afresh.

In its observations, the National Company Law Appellate Tribunal stated that the NCLT ought to have provided Culver Max with an opportunity to rectify defects in its insolvency application and noted that such an opportunity was not afforded in the present case.