The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Reliance Realty, a step-down subsidiary of debt-ridden Reliance Communications , seeking recovery of rentals and assets from Independent TV, which is undergoing liquidation, as per a report by PTI.

A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected Reliance Realty’s plea. The tribunal said the liquidation process of Independent TV (formerly known as Reliance Big TV) should continue “in a time-bound manner and in the shortest possible time.”

The bench also noted that the process should not be “disrupted and derailed by the Appellant (Reliance Realty) who for no cogent reasons had never agitated the issue of ownersh

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