Reliance Realty loses bid to reclaim assets from Independent TV
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New Delhi: The appellate tribunal NCLAT has set aside an appeal filed by Reliance Realty, a step-down entity of debt-ridden Reliance Communications, seeking recovery of rental and assets from Independent TV, a firm, which was in the DTH business and is now facing liquidation.
The National Company Law Appellate Tribunal (NCLAT) has upheld the earlier order passed by the Mumbai bench of NCLT, which had declined Reliance Realty’s plea and said the liquidation process of Independent TV (formally known as Reliance Big TV) has to be completed in a time-bound manner and in the shortest possible time.
A two-member bench said the liquidation process should not be “disrupted and derailed by the Appellant (Reliance Realty) who for no cogent reasons had never agitated the issue of ownership of assets lying in the leased premises”. “We do not find any infirmity in the impugned order allowing the Liquidator to remove all moveable assets of the Corporate Debtor lying at the leased premises and in restraining the Appellant from obstructing the Liquidator and successful bidder from accessing these moveable assets,” said NCLAT.
