NCLT admits Pen India's plea against Reliance Entertainment Studios

NCLT Mumbai has admitted Pen India’s insolvency petition against Reliance Entertainment Studios over a ₹11.94 crore default linked to a security deposit agreement. The tribunal held that the transaction qualified as financial debt and that Reliance’s liability remained outstanding despite its repayment mechanism. It rejected Reliance’s objections and initiated the corporate insolvency resolution process.