NCLAT sets aside NCLT dismissal of Culver Max insolvency plea against Rechargekit Fintech

New Delhi: The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order that rejected Culver Max Entertainment’s plea to initiate insolvency proceedings against Odisha-based Rechargekit Fintech, and has remanded the matter for a fresh hearing.

Culver Max, formerly known as Sony Pictures Network India, had filed a Section 9 application under the Insolvency and Bankruptcy Code (IBC) before the NCLT, Cuttack Bench.

In its April 30, 2024, order, the NCLT dismissed the petition on the ground that the company had not placed proper authorisation on record, noting that no board resolution ratifying the action was produced. 

Hearing Culver Max’s appeal, the NCLAT said the NCLT should have, at a minimum, put the applicant on notice and allowed it to rectify the defect in the application, as provided under the proviso to Section 9(5)(ii) of the IBC.

A two-member bench of Justice Yogesh Khanna (Member, Judicial) and Ajai Das Mehrotra (Member, Technical) set aside the April 30, 2024, order and remanded the matter to the NCLT to allow Culver Max to cure the authorisation defects and for the case to then be heard on its merits. 

The NCLAT, in its order dated December 10, 2025, said the exercise should preferably be completed within two months.