Prime Focus Limited has informed the Exchange about Update on Supreme Court order dated May 25, 2026 in Civil Appeal No. 7946 of 2026 and NCLAT proceedings in relation to Comp. App. (AT) (Ins.) No. 850 of 2026
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The Hon'ble Supreme Court dismissed Civil Appeal No. 7946 of 2026 filed by Raspalfa Services Private Limited, a financial creditor, which challenged the NCLAT's interim order staying the NCLT's admission of a Section 7 IBC application. The Supreme Court observed that interference at this stage is not required since the matter is pending before NCLAT (listed for July 9, 2026). The NCLAT also dismissed a related IA seeking vacation of its interim stay order. The financial creditor had claimed Rs. 353.79 crore (principal Rs. 200 crore plus interest), which the corporate debtor claims has been deposited. The stay on insolvency proceedings and restriction on the IRP from taking further steps remains in effect.
The Supreme Court's refusal to interfere effectively maintains the status quo — the NCLT's admission of insolvency proceedings remains stayed pending NCLAT's final decision. This is a procedural reprieve for Prime Focus, giving the company more time to contest the insolvency petition.