Stay of NCLT order for CIRP - Update on appellate proceedings before the Hon''ble NCLAT in Comp. App. (AT) (Ins.) No. 850 of 2026
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Prime Focus Ltd has obtained a stay on the NCLT order dated May 6, 2026, which had initiated CIRP (Corporate Insolvency Resolution Process) under Section 7 of the Insolvency and Bankruptcy Code. The NCLAT, Principal Bench New Delhi, passed an interim order on May 12, 2026, staying the impugned order and directing the IRP not to take further steps. The company, described as solvent with 12,000 employees, must deposit Rs. 353.79 crore in an interest-bearing account with NCLAT Registrar by May 20, 2026. The matter is listed for further hearing on July 9, 2026. Respondents have been directed to file replies within two weeks.
Positive development for shareholders as the insolvency proceedings are temporarily halted. The company must deposit Rs. 353.79 crore by May 20 to maintain the stay. The final outcome will depend on the July 9 hearing, and shareholders should monitor whether the deposit is made on time.