NCLT admits ₹5.76 crore insolvency plea against Kult App
In short
The NCLT admitted a ₹5.76 crore insolvency case against Kult App. It also rejected an objection about whether the loan was properly authorized, after loan acceptance and interest payments were noted.
This matters because the company now faces insolvency proceedings. The report does not say what happens next or whether any settlement is possible.
What the reporting says
The NCLT admitted a ₹5.76 crore insolvency plea against Kult App and rejected an objection based on loan authorization. The summary says the tribunal found no defence after loan acceptance and interest payments. The immediate consequence is that insolvency proceedings can move forward, while the full order details and next steps are not stated in the available reporting.
Why it matters
The NCLT admitted a ₹5.76 crore insolvency plea against Kult App and upheld the rejection of an objection tied to loan authorization. The summary says the tribunal relied on loan acceptance and interest payments. This moves the matter into insolvency proceedings and raises pressure on Kult App, but the available reporting does not state the full order reasoning or any resolution.