The National Company Law Tribunal (NCLT) in Bengaluru has dismissed an insolvency petition filed against quick commerce company Dunzo by its invoice discounters. This decision comes after previous indications of settlement talks between the parties ultimately failed to materialize.
A bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radha Krishna Sreepada ruled that the insolvency plea filed by the invoice discounters of Dunzo Digital was not maintainable. The judgment was delivered today, following multiple postponements over the past month and a half.
The invoice discounters had approached the NCLT claiming that Dunzo had only made partial payments against outstanding invoices. While settlement discussions were previously mentioned in court hearings, a resolution was not reached, leading to the final dismissal of this particular insolvency plea.
Dunzo, which has been facing a liquidity crunch, has been subject to multiple insolvency petitions from various creditors. This dismissal provides some immediate relief to the company amidst its ongoing financial challenges.
Key Highlights:
- The NCLT Bengaluru has dismissed an insolvency plea filed against Dunzo by its invoice discounters.
- The dismissal comes after settlement talks between Dunzo and the creditors failed.
- The NCLT bench ruled that the insolvency plea was not maintainable.
- Dunzo has been facing financial difficulties and multiple insolvency petitions from other creditors.