Archive · 28 Dec 2025
NCLAT Rejects NCLT Order, Directs Fresh Hearing in Culver Max Case
Culver Max Entertainment, a company that used to be called Sony Pictures Network India, filed a case against a fintech company called Rechargekit Fintech.
The lower court, NCLT, rejected Culver Max's case because they didn't have the right documents.
Culver Max appealed to a higher court, NCLAT, which said the lower court should have given Culver Max a chance to fix their documents.
So, NCLAT sent the case back to the lower court to hear it again and give Culver Max a chance to correct their mistakes.
The higher court also said this should happen within two months.
NCLAT set aside NCLT's order rejecting Culver Max's insolvency petition against Rechargekit Fintech.
NCLAT directed the Cuttack bench of NCLT to hear the matter afresh and give Culver Max an opportunity to rectify defects in its application.
NCLT had dismissed Culver Max's Section 9 application on 30 April 2024 for lack of resolution ratifying the action and absence of Board of Directors' decision on record.
NCLAT observed that NCLT should have given Culver Max a chance to fix the defects in its application as per Section 9(5)(ii) of the Insolvency & Bankruptcy Code.
NCLAT ordered that the fresh hearing should preferably be completed within two months.
- Who
- Culver Max Entertainment (petitioner) and Rechargekit Fintech (respondent)
- What
- NCLAT set aside NCLT's order rejecting Culver Max's insolvency petition and directed a fresh hearing
- When
- NCLT order was on 30 April 2024; NCLAT order was on 10 December 2025
- Where
- Cuttack bench of NCLT and NCLAT
- Why
- NCLT dismissed the application due to lack of resolution ratifying the action and absence of Board of Directors' decision on record
- Appellate Tribunal
- National Company Law Appellate Tribunal (NCLAT)
- Original Tribunal
- National Company Law Tribunal (NCLT)
- Petitioner
- Culver Max Entertainment (formerly Sony Pictures Network India)
- Respondent
- Rechargekit Fintech (Odisha-based fintech firm)
- NCLT Order Date
- 30 April 2024
- NCLAT Order Date
- 10 December 2025
- NCLAT Bench Members
- Justice Yogesh Khanna and Ajai Das Mehrotra
- Legal Provision Cited
- Section 9(5)(ii) of the Insolvency & Bankruptcy Code (IBC)