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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Prime Focus Limited disclosed that the Supreme Court dismissed Civil Appeal No. 7946 of 2026 filed by Raspalfa Services Private Limited on May 25, 2026. The financial creditor challenged NCLAT's interim order which had stayed the NCLT order dated May 6, 2026 (that admitted the Section 7 insolvency petition) and prevented the Interim Resolution Professional from taking further steps. The Supreme Court refused to interfere, noting the matter is pending before NCLAT. Raspalfa's claim amounts to Rs. 353.79 crore (principal Rs. 200 crore plus interest). The amount has been deposited by the corporate debtor. NCLAT has listed the main appeal for hearing on July 9, 2026. I.A. No. 3835 seeking vacation of the stay order was also dismissed as not pressed.
The dismissal by Supreme Court maintains the status quo with NCLT's admission order stayed. The company continues to operate under NCLAT supervision while the substantive insolvency challenge proceeds. Uncertainty over final outcome remains as the main appeal is pending.