NCLT admits ₹38.84 crore insolvency plea, rejects COVID moratorium defence
In short
The NCLT admitted a ₹38.84 crore insolvency case and rejected a COVID-era moratorium defence. The report says the default kept going and the court did not accept the deposit plea.
This matters because the insolvency process will continue. The reporting does not name the company or say whether any settlement is still possible.
What the reporting says
The NCLT admitted a ₹38.84 crore insolvency plea and rejected a COVID-19 moratorium defence over continuing settlement default, according to the report. The provided summary says the relevant plea was a deposit plea and that the bench cited Section 12A restrictions, forum shopping and creditor unwillingness to settle. The immediate consequence is continued insolvency proceedings, but the company involved is not named in the available reporting.
Why it matters
The NCLT admitted a ₹38.84 crore insolvency plea and rejected a defence based on the COVID-19 moratorium, citing continuing settlement default. The summary also says the deposit plea ran into Section 12A restrictions, forum shopping concerns and creditor unwillingness to settle. The reporting does not identify the company or explain whether any appeal or settlement attempt remains open.