Reliance Realty's Appeal Over Independent TV's Liquidation Dismissed by NCLAT

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by Reliance Realty, a division of Reliance Communications, attempting to recover rentals and assets amid Independent TV's liquidation. This decision ignores Reliance Realty's claims for compensation and emphasizes a swift conclusion to the ongoing liquidation.

Reliance Realty had leased part of the premises at Dhirubhai Ambani Knowledge City to Independent TV for its Direct to Home (DTH) operations. Despite Independent TV's financial struggles, Reliance Realty insisted on securing dues and halting asset removal. These appeals were dismissed by the NCLAT, respecting an earlier ruling to continue the liquidation unobstructed.

The NCLAT ruling emphasized that disruptions should not compromise the liquidation process. The tribunal reiterated the importance of honoring the liquidation proceedings set forth by the National Company Law Tribunal (NCLT) and maintained its focus on efficient and undisrupted operations.