NCLAT Denies Reliance Realty’s Appeal; Fast-Tracked Liquidation
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal from Reliance Realty, a subsidiary of the financially troubled Reliance Communications, which sought to reclaim rental payments and assets from Independent TV, a company in the DTH sector now undergoing liquidation. The NCLAT reaffirmed an earlier ruling from the Mumbai bench of the National Company Law Tribunal (NCLT) that rejected Reliance Realty’s request, emphasizing that the liquidation of Independent TV (formerly known as Reliance Big TV) must proceed swiftly and efficiently. A two-member panel stated that the liquidation should not be “disrupted and derailed by the Appellant…