Two Anil Ambani firms with Rs 830 cr dues get sold off for Rs 46 lakh

Two companies formerly associated with the Anil Ambani-led Reliance Group – Thwink Big Content Private Limited and Pifiniti Movies Private Limited – were sold off to Micro Capitals Private Limited for a pittance (Rs 46 lakh) against total outstanding dues of Rs 827 crore. Curiously though, the insolvency process against the two were started by another Anil Ambani group company – Reliance Commercial Finance Ltd.

The Mumbai bench of the National Company Law Tribunal (NCLT) recently approved the resolution plans for Thwink Big Content Private Limited and Pifiniti Movies Private Limited. The plans, submitted by Micro Capitals Private Limited, were sanctioned on September 25, 2025, with total payouts of ₹21 lakh and ₹25 lakh respectively, offering minimal recoveries to financial creditors against admitted claims of hundreds of crores.

Brief on the Corporate Debtors

• Thwink Big Content Private Limited: Incorporated in April 2018, Thwink Big is a public limited company (CIN U74993MH2018PTC308308). Its registered office is located at Manek Mahal on Veer Nariman Road in Mumbai. While the specific nature of its business is not detailed in the order, the company’s name suggests it was engaged in the content creation or media sector.
• Pifiniti Movies Private Limited: This is a private limited company (CIN U22300MH2018PTC316830) incorporated in November 2018. Its business is explicitly stated as the “reproduction of record media,” indicating activities in film distribution, video duplication, or related media services. It shared its registered office address with Thwink Big at Manek Mahal in Mumbai.

The Resolution Plans

The resolution plan for Thwink Big Content envisages a total payout of ₹21,00,000. This includes ₹12,00,000 towards Corporate Insolvency Resolution Process (CIRP) costs, ₹8,00,000 for secured financial creditors, and ₹1,00,000 for unsecured financial creditors. This amounts to a recovery of a mere 0.006% for secured creditors against admitted claims of over ₹614 crore.

Similarly, the plan for Pifiniti Movies entails a total outlay of ₹25,00,000. Of this, ₹12,00,000 is allocated for unpaid CIRP costs, while ₹13,00,000 is earmarked for the sole secured financial creditor. This translates to a recovery of just 0.12% against admitted claims exceeding ₹213 crore.

In both cases, the Committee of Creditors (CoC) had approved the plans. The plan for Thwink Big was approved with a 94.67% vote, while the plan for Pifiniti Movies received a 100% vote from the CoC.

The NCLT, in its separate orders, scrutinized the plans for compliance with the IBC. The Tribunal noted that the resolution professional had certified that the plans met all statutory requirements.

The successful resolution applicant, Micro Capitals Private Limited, plans to implement the resolutions by acquiring 100% of the paid-up equity capital of both corporate debtors through a Special Purpose Vehicle (SPV), which will subsequently be merged with the respective companies.

While approving the plans, the NCLT also granted a standard set of reliefs and concessions, in line with the Supreme Court’s judgment in the Ghanshyam Mishra case. The moratorium imposed under Section 14 of the IBC on both companies ceased to have effect from the date of the order.

Also See: CBI files chargesheet against Anil Ambani Group, Yes Bank officials in Rs 5,010 crore fraud case