business 🎬 Reliance Entertainment hits insolvency over movie debt
Reliance Entertainment Studios Private Limited has been admitted to the corporate insolvency resolution process (CIRP). This action stems from a ₹11.94 crore default connected to the movie 'Auron Mein Kahan Dum Tha'. Litigation NewsPen India had previously advanced ₹20 crore to fund the film's release. The NCLT at Mumbai determined that this transaction qualified as financial debt under the IBC. The company now faces the resolution process as per the IBC 2016 framework.