NCLT Mumbai Bench orally admitted an insolvency petition against Prime Focus Ltd filed by Reliance Alpha Services for a claimed debt of ₹353.79 crore.
The company disputes the petition, stating no funds were disbursed under the loan agreement and has filed an urgent appeal with NCLAT.
Prime Focus maintains its business operations continue normally without disruption while it pursues legal remedies.
The dispute originates from a 2014 Business Transfer Agreement, with related litigation pending before the Bombay High Court.